A few months ago, I cautioned that Americans should be patient before deciding what effect President Donald Trump's tax cuts have had on the economy. It takes a while for companies to make investment decisions, more time for those decisions to be implemented and even more time for the resulting changes in labor demand to bid up workers' wages. It therefore takes months or even years before the full impact of the tax bill will be known.
But it's also important to evaluate policies like Trump's tax reform as quickly as possible. Not only is this critical for deciding whether to change course, but as more time goes on, the effects of a policy can become harder to assess.