Great GDP

The US economy grew 4.1% in 18Q2, its fastest pace since 14Q3. Better yet, excluding volatile exports, inventories and government purchases, growth was a stellar 4.3%, and I see Q3 growth coming in at a strong 3%. Longer term, I’m apprehensive. In the two quarters following President George W. Bush’s 2003 tax cuts, GDP hit 6% but then steadily declined, averaging 2.5% the rest of his presidency, excluding the recession.

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