The economy grew at 1.9% last quarter. Two thoughts. First, the American economy is simply amazingly resilient--1.9% is cause for exultant celebration in a lot of European finance ministries. And second, Barack Obama's campaign team is probably doing some serious rethinking this morning.
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Megan McArdle is a columnist at Bloomberg View and a former senior editor at The Atlantic. Her new book is The Up Side of Down.