The US Economy Is Stronger After One Year Of The Trump Administration
U.S. peers that followed net-zero, big government and big tax policies are in secular stagnation….
by Daniel Lacalle
One year into Donald Trump’s new presidency, the verdict from the data is clear: the apocalyptic consensus forecasts have failed, and the United States stands as the only major developed economy combining strong growth, controlled inflation and fiscal consolidation.
The same analysts and institutions that applauded massive stimulus, monetary excess and regulatory excess under the previous The same analysts and institutions that applauded massive stimulus, monetary excess, and regulatory excess under the previous administration now struggle to explain why the U.S. economy, which they expected to sink into stagflation, is instead outperforming all of its G7 peers. Furthermore, the U.S. peers that followed net-zero, big government and big tax policies are in secular stagnation.
From the “tariff tantrum” to a global surprise
When Trump announced his new wave of tariffs and trade policy, much of the global consensus rushed to predict a disaster. I called it the tariff tantrum. Commentators warned of an inflation surge beyond 2021 levels, 6%–7% Treasury yields, collapsing investment, a recession, and a world turning its back on the United States in favour of supposedly more responsible governments in Europe.
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