GOP Tax Bill Looks To Boost Republicans Odds In 2018

by Robert Donachie

Americans’ support for the recently signed Republican tax reform bill is soaring, growing nine percent in favorability since Christmas.

Forty-six percent of Americans either strongly or somewhat approve of the law as of early January, compared to just 37 percent when the bill was entering the final stages of debate in late December, The New York Times reported Tuesday.

Americans are also becoming increasingly optimistic when evaluating their own finances and the overall economy. Increased optimism is likely due to large stock market gains, increasing economic growth and other positive economic indicators.

Big business leaders are also increasingly positive about the state and future of the American economy.

JP Morgan Chase CEO Jamie Dimon thinks 4 percent economic growth this year is absolutely a possibility.

“The economy is doing quite well,” Dimon told Fox Business’s Maria Bartiromo earlier in January. “If we have a couple of years of good growth, that could justify the markets where they are. Four percent economic growth this year is possible.”

The U.S. economy grew at a 3.2 percent annual rate in the third quarter of 2017, posting the best back-to-back quarterly growth rates in three years. Strong growth is only expected to continue, as some economists are anticipating stronger fourth-quarter growth figures following the passage of the GOP tax reform bill.

The Federal Reserve Bank of St. Louis economists released a prediction that could give Dimon’s predictions some more credibility. The economic research team at the St. Louis FED estimates that there is only a 4 percent chance the U.S. economy enters a recession in 2018.

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