"The economy has come roaring back under President Trump." Thus reads a statement on the White House website. This claim needs sober evaluation.

The conclusion is that the economy has responded to a big fiscal stimulus roughly as the best forecasters predicted. That upsurge is unlikely to last. The big tax cuts have, as intended, hugely benefited owners of corporations.

But they have certainly not paid for themselves. They have left the long-term fiscal position fragile, instead. That Republicans are happy with this is noteworthy. Given their posturing during the Obama era, it is also hypocritical.


Perhaps the simplest