How Trump has set economic growth on fire

I’ve been missing the big stories about this in newspapers and on the tube. Anybody else have this problem?

President Donald Trump is more than 19 months into an administration engulfed in so much controversy that it may overshadow a tremendous achievement, namely an economic boom uniquely his.

During his time in office, the economy has achieved feats most experts thought impossible. GDP is growing at a 3 percent-plus rate. The unemployment rate is near a 50-year low. Meanwhile, the stock market has jumped 27 percent amid a surge in corporate profits.

Friday brought another round of good news: Nonfarm payrolls rose by a better-than-expected 201,000 and wages, the last missing piece of the economic recovery, increased by 2.9 percent year over year to the highest level since April 2009. That made it the best gain since the recession ended in June 2009.

His critics, a group that includes a legion of Wall Street economists, most Democrats and even some in his own Republican Party, don’t believe it will last. They figure the current boom will begin petering out as soon as mid-2019 and possibly end in recession in 2020. [Italics mine throughout]

Ah yes. Consummation devoutly to be wished, by whom you can surely guess.

For them there’s a cloud for every silver lining. Oh for the Obama-trademark new normal.

Those were the days, my friend. We thought they’d never end. And then came the evil Donald Trump. Go figure.

via CNBC

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