That is the topic of my latest Bloomberg column, here is one bit:
Every now and then, one party will control all branches of government, and then the rhetoric and the expectations will be in place for some pretty big changes. Not long ago, I thought that even a 5-to-4 conservative Republican majority on the Supreme Court would essentially leave Roe v. Wade in place, for fear of taking this Republican-friendly issue off the national agenda. Now I’m not so sure. All of a sudden, Americans are getting used to the idea that extreme political change is possible, for better or worse, and that means many of them will demand it. In the Trump Era, if I may call it that, it is harder to tell your base that big changes just don’t happen that easily.
There are also plenty of good ideas that don’t have a partisan tinge one way or the other. Five years ago, I thought the Federal Reserve was far away from adopting “nominal GDP targeting,” an idea supported by many economists on both the right and the left. Today it seems entirely possible that the Fed will move much further in that direction, if only because it wouldn’t be seen as such a big, radical change compared to so many other developments. Trump is probably going to tweet criticism at the Fed no matter what it does, so it might as well just go ahead and do some things it wants to do.
Do read the whole thing.