The economic data for the third quarter are amazingly good:
GDP increased at a 7.2% rate, the highest since 1984, mostly as a result of the tax cuts. (That was true in 1984, too.)
Spending on durable goods was up 26.9%, after a 24.3% gain in the second quarter.
Business spending rose 11.1%, its fastest pace since the first quarter of 2000.
Real final sales–GDP minus the change in private inventories–rose at a 7.8% rate, the highest in more than 25 years.
Exports surged by 9.3%, while imports edged up by 0.1%.
Let’s hear it for those tax cuts! It will be interesting to see how the Dems try to spin this news.
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