Over the last few weeks, we've been exploring the competing narratives about the US economy -- with the White House insisting that all is well, as many in the media hype up the possibility of a coming recession. My general conclusion at this point has been that while there are some soft spots and genuine warning signs, the economy's fundamentals remain quite strong. Unemployment has been quite low, the job market has been quite robust, and wage growth has broken free from years of frustrating stagnation. We also recently received positive news on other indicators, including productivity, retail sales, and...