When Donald Trump won the 2016 presidential election, Rick Newman predicted gloom. “The policies he favors … pose many land mines for the economy,” Newman wrote the day after the election. The result, Newman suggested, could be a prompt Trump recession.
There was no Trump recession. Quite the contrary, in fact. Economic growth accelerated modestly in 2017. Job growth has continued to improve steadily. The biggest financial story in 2017 is the stock market, with the S&P 500 index up a robust 20% for the year. Americans feel increasingly confident about their prospects, and the business tax cuts Congress just passed ought to keep the party going.