The U.S. economy grew faster than initially thought in the second quarter, notching its quickest pace in more than two years, and there are signs that the momentum was sustained at the start of the third quarter.Gross domestic product increased at a 3.0 percent annual rate in the April-June period, the Commerce Department said in its second estimate on Wednesday.The upward revision from the 2.6 percent pace reported last month reflected robust consumer spending as well as strong business investment.Growth last quarter was the best since the first quarter of 2015 and followed a 1.2 percent pace in the January-March period.Economists had expected that second-quarter GDP growth would be raised to a 2.7 percent rate.
In Missouri, Mr. Trump busted up the left’s class-warfare model. He didn’t make tax reform about blue-collar workers fighting corporate America. Instead it was a question of “our workers” and “our companies” and “our country” competing against China. He noted that America’s high tax rates force companies to move overseas. He directly and correctly tied corporate rate cuts to prosperity for workers, noting that tax reform would “keep jobs in America, create jobs in America,” and lead to higher wages.Mr. Trump pitched tax simplification as a question of fairness, urging lawmakers to eradicate the “special-interest loopholes” that his own business uses, so as to level the playing field for Americans who can’t afford “an army of accountants.”This all sounds pretty good, unless you are Chuck Schumer.
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