Scott Sumner On Scott Adams on Trump

Scott Sumner writes:

David Siegel sent me to a new Scott Adams post about Trump’s accomplishments so far:

Things That Are Positive

The economy

Trade deals

China relations

Russia (our frenemy) is working with the U.S. on Syria, North Korea

China is putting pressure on North Korea

Jobs

Healthcare progress (more to do)

Supreme Court nominee confirmed

Tax reform maybe

Optimism for an Israeli-Palestinian “deal”

Safe Zones coming along for Syrian refugees

Illegal immigration down over 70% because of Trump’s persuasion alone.

Business confidence high.

This is just bizarre.  Trump told us the economy under Obama was horrible.  Under Trump it’s almost exactly the same.  Job growth almost identical, GDP growth slower. Trump has accomplished almost nothing.  And now it’s good?

I agree with Sumner, though, I hasten to add presidents can't do much about the economy to improve it other than reducing regulations, and as far as the economy overall, at present, we are in the boom phase of the Fed-created boom-bust business cycle.

It will not end well though there is no indication that the boom is going to end in the near term.

I report in more detail about the current phase of the business cycle., and especially what I expect for the stock market this summer, in the EPJ Dail Alert.

   -RW