The Trump economy is nothing special

A funny thing happened on Inauguration Day, and the exact same economic conditions that had existed throughout 2016 — steady but nonspectacular job growth, low unemployment, sluggish but real wage growth, record stock market valuations — changed political valences.

Suddenly, performance Trump labeled disastrous under Obama was spectacular under Trump.

In some ways, even more oddly, while in 2016 pundits saw Trump's political success as a sign that real economic conditions were worse than...

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