In this five-minute interview with Karen Gibbs, Jerry Jordan lays out nicely the “regime uncertainty” (Bob Higgs’s term) that we face. That is, business people, and the rest of us, for that matter, don’t know what future tax rates or tax rules will be, don’t have a clear understanding of the health care rules (as Pelosi said, first we must pass the bill and then find out what’s in it), etc. Jordan also points out that consumption as a percent of GDP is very high, as is govt. spending on goods and services, leaving little room for investment spending.

HT to Dan Klein.