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President Donald Trump regularly thumps his chest and claims credit for each new uptick of the fast-growing U.S. economy.Still, it is not easy to speed up a $20 trillion economy, even by running a budget deficit of nearly $1 trillion, as Trump's administration is doing.President Barack Obama's efforts (and before him President George W. Bush's) to contain the damage from the 2008 financial crisis underpin the strong economy for which Trump wants to take full credit.Trump's efforts to scale back regulation, particularly on small and medium-size businesses, are probably also a plus for long-term growth, reversing some excesses that crept in at the end of Obama's term (though Trump is throwing out good regulations with bad ones).Last, but not least, many of the regulations that Trump is targeting ought to be strengthened, not eliminated.So, although the U.S. economy is indeed growing rapidly, the full extent of Trump's economic legacy might not be felt for a decade or more. In the meantime, should a downturn come, it will not be Trump's fault at least according to Trump, who is already gearing up to blame the U.S. Federal Reserve for raising interest rates and ruining all his good work.
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