America will pay for its spending binge

America will pay for its spending binge

“We can grow 4%,” said the business journalist and former Donald Trump advisor Larry Kudlow after the US stock market set new records last week. “The Fed has 5,000 PhDs,” he said, channeling the administration’s claim that the establishment just doesn’t get how the economy is being supercharged by its policies. “Why don’t they know that?” Few independent analysts share that confidence, though. Most are puzzled by the resilience of US markets ami…