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Nineteen Trillion Dollar Economy

The size of the American economy is hard to comprehend.  By the end of the year total GDP should be a bit north of nineteen trillion dollars.  Our closest economic competitors, Europe and China, should have economies slightly more than half the size of ours.  (Japan has an economy of about five trillion dollars by comparison.)  In real terms the US economy has tripled in size in real terms since 1980.  Economic growth in the US since Reagan took office has created an economy the size of Europe and China.  Part of this is caused by the growth in population, but the result is still quite impressive.  In the past quarter the economy grew at 3.7% per annum.  Trump and the GOP are betting that the tax bill being passed today will help ensure that type of growth for the next decade.  Tax cuts usually have spurred economic performance in the past, and absent some huge world wide catastrophe I see no reason why they should not do so in the future.  We will all see.  However, always recall that economics is called the dismal science for good reason.