The US economy is flying high and should continue to do so. It has defied the past two years’ widespread expectations that it would land hard or fall into recession. In fact, last year’s real GDP growth of 3.1% matched the 48-year average. Fiscal stimulus has helped, but the major engine has been robust consumer spending as Baby Boomers spend their wealth. With consumption per household near its record high, Americans have never been better off. … Corporate America is thriving too, with record cash flow, capital spending, and profits. … Plus, inflation by some measures is at the Fed’s 2% target.
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