The US economy continues to amaze, or “surprise on the upside” – the words forecasters prefer to “I was wrong”. Jobs are available for all who care to work, retail sales rose for the fourth consecutive month in July and at almost twice the anticipated rate, economic growth seems to be accelerating to an annual 4.1 per cent, infrastructure is being renewed, and new factories are breaking ground at record levels. All this while inflation is coming down to a target increasingly described as “in the twos” rather than a hard-and-fast 2 per cent.
This is in part due to the sugar high created by a spend now, pay later fiscal policy that will pile new deficits on top of the nation’s $39 trillion debt
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