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SINGAPORE (May 27): National politics in the US has become enslaved to macroeconomic indicators that have little bearing on true well-being. For many commentators, the snapshot growth rate of 3.2% for the first quarter of 2019, coupled with a decline in the unemployment rate to 3.6% in April, implies that President Donald Trump’s economic policies have been vindicated, and some suggest that his re-election chances have improved as a result.

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