The U.S. economic boom is alive and well — and expanding. As Stephen Moore (“The Trump boom arrives,” Web, Sept. 10) aptly notes, it is undeniable and improving at a quickening rate. Plus, it’s happening despite global distractions.
The Obama administration accomplished an anemic 1.6-percent growth over eight years, the fourth-worst growth rate in presidential history. As Mr. Moore notes, former Treasury Secretary Larry Summers attempted to establish such a growth rate as the “new normal.” The purpose of Mr. Summers’ statement was two-fold: justify an Obama legacy item, and establish a paltry growth rate that would match the anticipated growth rate when Hillary Clinton was elected. This is the same Larry Summers who stated during the last presidential campaign: “The possible election of Donald Trump as president is the greatest present threat to the prosperity of the United States.” So much for wisdom from another Harvard educator.
It is also interesting to note that President Trump’s tax plan, which is also spurring the economy, could be in jeopardy. President John F. Kennedy, a Democrat, presented a somewhat similar tax plan more than 50 years ago and was lauded for it. Mr. Trump’s plan is better, but because of Democratic Party politics, it could possibly fail to pass. There is talk among the Democrats that not passing the tax plan will reduce growth, which will hurt Mr. Trump.
Once again, the country is not being represented by the elected, but the party remains all-important.
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