Ïã½¶Ö±²¥s of the One Big Beautiful Bill tend toward the extreme. One of its main authors calls it “the greatest piece of Republican legislation in a generation,†while one of its most authoritative critics says it makes him ashamed to be an American. So allow me to offer what counts as a radical view: The bill is neither as terrible as its opponents say nor as impressive as its supporters claim.

The reason markets are not responding more to the 870-page bill is that they see it for what it is — just another in a very long line of very big bills that add to the debt but won’t break the economy, at least not soon.

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