“Highest Stock Market EVER, best economic numbers in years.” By claiming credit for America’s economic performance with this tweet, President Trump tried to deflect attention from the chaos in the White House. The US economy is doing well but the idea that this is due to President Trump is preposterous. Congress has prevented him from doing anything. In any case, the time lag between policy measures and their effects on the economy is much longer than the mere six months that President Trump has been in office.
The UK economy is actually doing quite well, too. Admittedly, according to the official figures released last week, growth in the second quarter of the year was only marginally up on the first quarter, and it was well down from the strong rates registered in the third and fourth quarters of last year. But to have grown over the last year by about 1.7pc is no mean performance.
To read Roger Bootle’s full article for The Telegraph, click here. (£)