Slaughter the fatted calf. Rejoice! For those who were lost, have now been found.

In my latest op-ed for Bloomberg View, I argue that Jason Furman’s plans to “Repeal and Replace” the GOP tax reform, are not far from what the GOP leadership had in mind. In truth, Mr. Furman comes not to repeal the law, but to fulfill it.

[Furman’s replacement plan’s] signature features are an increase in the corporate tax rate from 21 percent to about 25 percent; a move toward refundability of the child tax credit even for families with incomes too low to owe taxes; elimination of a “pass-through” tax benefit for partnerships, limited-liability companies and sole proprietorships; and the creation of a tax on carbon emissions

In truth, none of this is especially radical. Of Furman’s proposals, only the carbon tax is outside of Republican orthodoxy.

Adding to our good fortune, this morning Larry Summers returns to his roots.

Thus the first challenge facing the estimable Jerome H. Powell as Fed chairman is working out how to achieve growth that is both adequate and financially sustainable. Even with very low interest rates, the normal level of private saving consistently and substantially exceeds the normal level of private investment in the United States. And the differential is magnified by inflows of foreign capital. This creates a deflationary tendency that can be offset only by budget deficits or financial conditions that artificially depress saving and increase investment.

You’ll note that this is precisely the point Samuel Hammond and I made in our Vox piece on the tax reform:

If you’re a budget hawk, [the deficits from Tax Reform] sound like a disaster. Even President Barack Obama’s former Treasury secretary, Jack Lew, sounded more like Ron Paul than a liberal economist this week when he warned the bill’s deficit impact risked “leaving us broke.” Thankfully, the budget hawks are all wrong. The US is nowhere near its borrowing limits. If anything, a larger US deficit could do the country, and the world, a lot of good.

In today’s political climate, I know there are those who are quick to throw accusations of hypocrisy. Perhaps, they may even justify such accusations as attempts to discipline the discourse and discourage purely partisan stances. Those sentiments, however, are misplaced. Such accusations only serve to drive divisions deeper and make it more difficult for others to make the difficult journey home.

Instead, we should leave the light on and welcome all who come by our way.