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Friday, September 01, 2006

I've harped on this before - I'm amazed that more isn't being said about how great the economy is and has been over the last bunch of years.

Yes, indicators show that housing sales have slowed, but that is inevitable. Equally important indicator is that home values are holding and more people own their own homes today than any other time in American history. And yes, fuel prices are high, but the economy has grown despite high fuel prices.

You never see the headlines and articles that appeared above the fold daily in the 70's, early 80's and 90's about recession, inflation, high unemployment or interest rates.

More has to be done to sustain the growth and prosperity, especially with anticipated changes in the makeup of the workforce and economy - especially in the growth in retirees. Spending has to be reduced. Estate tax, marriage tax, capital gains tax relief all has to be made permanent. Medical liability and tort reform has to be addressed and increasing medical insurance accessibility for individuals and small business owners has to be a priority.

And I will only briefly mention that there are many steps that can be taken to address the high costs of energy.

from the White House (highlights by me):

Today, The Government Released New Jobs Figures – 128,000 Jobs Created In August. The economy has created more than 1.7 million jobs over the past 12 months – and more than 5.7 million jobs since August 2003. Our economy has now added jobs for 36 straight months. The unemployment rate is 4.7 percentbelow the average of each of the past three decades.

The Economy Remains Strong, And The Outlook Is Favorable

- Employment Increased In 48 States Over The Past 12 Months Ending In July.

- Over The First Half Of This Year, Our Economy Grew At A Strong 4.2 Percent Annual Rate – Faster Than Any Other Major Industrialized Country.

- Productivity Has Grown A Strong 2.4 Percent Over The Past Four Quarters, Well Ahead Of Average Productivity Growth In The Last Three Decades. Strong productivity growth helps lead to GDP growth, higher real wages, and stronger corporate profits.

- Per Capita Disposable Income Has Risen 9.2 Percent In Real Terms Since The Beginning Of 2001.

- Total Wage And Salary Income Increased In Real Terms At An Annual Rate Of 3.3 Percent In The Second Quarter. This follows an 11 percent surge in the previous three months.

- Manufacturing Production Has Risen 5.6 Percent Over The Past 12 Months. Manufacturing productivity has grown 3.8 percent over the past four quarters.

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