Robert Armstrong, U.S. financial commentator for the Financial Times, fills in for Scott. He and Ed unpack what the GOP tax bill means for the economy now that it’s law. Robert argues we’re playing chicken with the debt and says markets are still operating in “greed mode,” not fear mode. Then, they check in on the broader economy. Ed questions when inflation might resurface, while Robert says the latest jobs report helped rule out worst-case scenarios. Finally, they tackle the rise of the “inheritocracy.” Ed advocates for a higher inheritance tax to promote a more equal society, while Robert makes the case for a targeted wealth tax to unleash capital for more productive use.

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