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Donald Trump can be very good for the US economy

Donald Trump has the potential to be a massive force for good for the economy.

The story of the American economy in the past eight years is one of tension between an aggressive "monetary" policy and a nonexistent "fiscal" policy.

Monetary policy has come from the Fed lowering interest rates to nearly zero in an effort to pump up the economy. This policy has led to tepid growth, and essentially run its course. There is only so much the Fed can do.

Fiscal policy is a combination of reforming the corporate tax code and government spending on big projects that will pump money into the economy and create new jobs. With Republicans now in control of the White House and both houses of Congress, the years-long standoff may be broken.

President Barack Obama got a relatively wimpy stimulus package passed at the start of his term but hasn't been able to get anything going since then.

Left-wing economist Paul Krugman has been pounding the table for an increase in fiscal stimulus for years now, to no avail.

Trump could change all of this.

The first thing Trump mentioned in his victory speech was spending on infrastructure.

"We are going to fix our inner cities, and rebuild our highways, bridges, tunnels, airports, schools, hospitals," he said. "We're going to rebuild our infrastructure, which will become, by the way, second to none. And we will put millions of our people to work as we rebuild it."

During the election, Trump promised to spend heavily on programs that would create untold numbers of jobs in...