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Yes, the US economy is on a roll—but it won’t last

Trump and his team are eager to take credit for a reported 4 per cent growth. But they shouldn't celebrate too soon

By George Magnus  

U.S President Donald Trump speaks at a press conference at the White House on July 27, 2018 Washington, DC, as VP Mike Pence looks on. President Trump offered remarks on the economy outside the south Portico. Photo by Tasos Katopodis/UPI

The US economy, as we know, has been on a bit of tear recently—confirmed last week by the announcement that it expanded by a little over 4 per cent at an annualised rate in the second quarter, the fastest pace in four years. President Trump and his supporters were quick to cheer and take credit thanks to the government’s tax cuts. Allowing for a fall in inventories, demand (or, technically, real…

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