US will lack fiscal space to respond when next recession comes. Jeffrey Frankel, August 28, 2018, Opinion, “The US economy is doing well. But the next recession – and there is always another recession – could be very bad. The US Bureau of Economic Analysis estimates that GDP growth in the second quarter of 2018 reached 4.1% – the highest since the 4.9% achieved under President Barack Obama in 2014. Another year of growth will match the record 10-year expansion of the 1990s. Add to that low unemployment and things are looking good.Link