Day By Day

Thursday, November 01, 2007

The Bush Economic Miracle Continues

Larry Kudlow has the figures:

[A] remarkable thing just happened: Real gross domestic product, the best summary report of the American economy, came in at a breathtaking 3.9 percent annual rate for the third quarter. In fact, following the 3.8 percent growth rate for the second quarter, the U.S. economy has posted its strongest quarterly growth in four years. The economy actually appears to be speeding up...

Imagine that! Of course the MSM and their Democrat allies won't clue you in on that.

And wait, there's more!

On top of this, the inflation rate is actually slowing down.
And this!

Even employment is holding its own.

And this!

Meanwhile, rising exports of American goods and services are booming to such an extent that the deep housing recession is being cancelled out.
And this!

after-tax inflation-adjusted income is 4.1 percent ahead of last year, for a $344 billion gain, while the purchase cost of energy prices are flat...
This doesn't mean that there aren't problems, but the overall picture is wonderful. Bush deserves high praise for his management of the economy, but don't hold your breath.

Read the whole article here.


Kudlow's not finished crowing. He points to the jobs figure released today and notes that 166,000 jobs were created last month, twice what was predicted, and writes:

Here’s the key point: Outside the struggling financial and consumer discretionary sectors, the economy is firing on all cylinders. Economy-wide profits are up a smoldering 15 percent in the third quarter when you remove these two laggards. And in addition to today’s robust, expansionary jobs number, GDP blew away forecasts earlier this week, coming in a hair shy of 4 percent. (For the record, this represents the biggest back-to-back quarterly gain in four years.) This means healthy American businesses are generating jobs. Meanwhile, hardworking American workers are out there spending money, with real, disposable, after-tax, after-inflation income running around 4 percent — a big number.
Read it here.

Don Surber, viewing Bush's economic record writes:

Maybe in 2008, Republicans should stop looking for the next Reagan and start looking for the next George Walker Bush.