Apparently, America's small business owners are too dumb to realize how great the tax cuts were. The Trump administration told us that the corporate tax cuts would lead to a massive boom in investment which would increase the capital stock by one third above the baseline projection. But for some reason, the nation's businesses haven't gotten the message.

The National Federation of Independent Businesses released its February survey of its members this morning. The survey showed (page 29) that 29 percent of businesses expect to make a capital expenditure in the next 3 to 6 months, the same percentage as in January. This is somewhat higher than the 26 percent reported for February of 2017, but below the 32 percent reported for August of last year. It's also the same as the 29 percent reading reported back in August of 2014 when a Kenyan socialist was in the White House.

In other words, there is no evidence here of any uptick in investment whatsoever and certainly not of the explosive increase promised by the Trump administration. Maybe if Trump did some more tweeting on the issue it would help.