Ten years of growth, but no one’s partying

The US’s gross domestic product has expanded only half as much as it did in the 1991-2001 boom

9th June, 2019
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Donald Trump’s 2017 tax cuts were tilted toward the rich, who don’t tend to spend windfalls, and businesses, which haven’t stepped up investment significantly Picture: Getty

Tune out the trade wars. Pay no attention to the signal of a looming recession being emitted by the bond market. It’s time for a birthday party!

This month marks the tenth anniversary of the US economic expansion that began in June 2009. If the streak continues into July, it will make history, surpassing the 1991-2001 growth cycle to become the longest since 1854, which is as far back as economists have attempted...

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