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Economic confidence is up, but hold the celebration

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This past spring the U.S. economy marked the fifth anniversary of the current economic expansion. I choose to use the word “marked” rather than “celebrated” here because the pace of growth in the economy during the past five years has been frustratingly lackluster. To be sure, slow growth is better than negative growth, and five years is a respectable length of time for a period of economic recovery. But unless you are one of the lucky few in the extreme upper income bracket, this past five years has probably not been excessively comfortable.

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