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Is This An Economic Boom Or Just a Blip?

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The following is an excerpt from Michael Rainey | August 17, 2018 | Thefiscaltimes.com |

Most mainstream economists think the booming GDP growth recorded in the fourth quarter will ease toward the end of the year, but President Donald Trump’s chief economic adviser Larry Kudlow says those projections are “pure nonsense.”

The current boom is in the “early innings,” Kudlow said Thursday at a cabinet meeting, according to the Associated Press. “The single biggest event, be it political or otherwise, this year is an economic boom that most people thought would be impossible to generate," Kudlow said to President Trump. “Not a rise. Not a blip. People may disagree with me, but I’m saying this, we are just in the early stages.”

Carl Tannenbaum, chief economist of Northern Trust, told the AP that while economists would love to see an extended boom, they just don’t think it’s in the cards. “Economists are incredibly hopeful that the White House is right,” Tannenbaum said. “Unfortunately, most economic analysis and past historical patterns suggest that we’re in the middle of a sugar rush that will wear off.”

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