There is a great complacency emerging in our current economic policy settings. Complacency about the risk of recession. Complacency about long-term economic reform. Both are part of what in recent years has become the complacent country – as if our nation’s future is somehow written in the stars.

Global economic storm clouds are gathering. The US is already 10 years into its current growth cycle – the longest in modern economic history. Markets are anticipating a correction. The stimulatory impact of the Trump administration’s tax cuts has already washed through.