As Jim Rickards put it in a recent column, there’s a lot of “happy talk” coming out of Washington D.C.
To hear Donald Trump tell it, we might be in the midst of the greatest US economy in history. When the Q2 GDP number came in at 4.1%, the president called it “an economic turnaround of historic proportions.” Of course, Trump isn’t alone in his optimistic hyperbole. Politicians and pundits all across the mainstream keep telling us everything is great. They see growth from horizon to horizon. Employment is booming. Americans are spending.
The problem with all the happy talk is that it doesn’t have much to do with reality. The Trump economy looks pretty much like the Obama economy.... CLICK for complete article