The failure of the Trump presidency

This is a second update on the economy with some thoughts on where we are in the business cycle. Yesterday, in my first update, I talked about monetary policy because of the upcoming Fed meeting in Jackson Hole. This time, I want to talk more about the political economy.
I think the headline mostly gets at what I am going to say. We are only seven months into Donald Trump’s presidency. And I think we can call it a failure. I’ll have a lot more to say on that momentarily. But I want to flag this as not being a dealbreaker for the US or global economy.
I think people put too much emphasis on the political economy in Washington. In some ways, it’s a sideshow since government obviously doesn’t dominate the US economy. Federal government outlays are just one-fifth of US gross domestic product...


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