In his State of the Union victory lap, the president crowed that the “great American comeback” entered this decade with the longest bull-run in American history. Unsaid is that in dancing to all time highs, the bond and stock markets are priced for perfection. In normal times, this would not be as dangerous as it is today. Early in his term, President Trump introduced a trillion dollar tax cut in order to get the economy going. He succeeded. The Democrats even voted for that bill. Some doomsday pundits cautioned that inflation would pick up. It did not.