The American economy is growing. Gross domestic product has risen for eight straight quarters, and in all quarters but one going back to 2009. The stock market is up 160 percent from its 2009 lows, and the Dow has flirted this spring with all-time highs.

Unemployment this year has stayed steady at about 5 percent, which is lower than it has been for about 80 percent of the past 40 years.