Last month it was reported that economic growth for the last quarter was a paltry 1.1%, much lower than the average 4% in previous quarters. Leftists wasted no time in seeking to capitalize on this seeming downturn in the fortunes of our economy. The downturn, however, was very short lived.
As we predicted, the growth rate, would be revised upward, though not as high as we had imagined. The US economy grew by 1.6% during the last quarter, according to recently released figures. Such events do happen and it is highly unlikely that growth will remain so low when figures for the next quarter are released. By most estimates, in fact, 1st quarter economic growth is expected to be a very health 4%, or greater. Far outpacing most western industrialized nations.
The signs of a robust US economy are evident all around us. Unemployment remains low, currently at the lowest level of Bush’s presidency. American businesses continue to expand and consumer confidence remains high. Such indicators bode well for continued economic growth over the next year. The simple fact remains that the economy will flourish in the least restrictive environment. The president, in spite of his many, many, many flaws, has excelled in that regard. Inevitably, there will be those who will take the opposite view, not because such a premise is backed by empirical evidence, which it is not, but because their governing philosophy requires the heavy hand of government, even at the expense of progress, such can be the expected result after the leftists retake Congress this fall.
http://www.usatoday.com/money/economy/gdp/2006-02-28-gdp-revised_x.htm
