by John Hawkins | May 14, 2004 11:59 pm
Before George Bush came into office or immediately after depending on who you believe, we had a recession. The bursting of the tech bubble and accounting scandals dragged down the stock market. 9/11 was a devastating blow to the economy and the uncertainty caused by war certainly hasn’t helped matters.
So what did George Bush do? He pushed through tax cuts in an effort to stimulate the economy and it paid off big time.
The economy is back, it’s vibrant, it’s strong, and it’s surging right now although most people don’t realize it because the press isn’t doing their job and getting the information out there.
So how great is the economy doing? Let’s take a look at the gross domestic product growth and number of jobs created, since those are the two factors getting the most attention.
We’ve now had 8 straight months of job growth and numbers have just been amazing so far this year.
Jan – +159,000 jobs
Feb – +83,000 jobs
Mar – +327,000 jobs
Apr – +288,000 jobs
Avg job growth so far in 2004 – +214,250 jobs per month
On to GDP.
3rd quarter of 2003 – GDP +8.2%
4th quarter of 2003 – GDP +4.1%
1st quarter of 2004 – GDP +4.2%
3 quarter average – GDP + 5.5%
Average GDP growth in the 90s – +3.1%
Average GDP growth in the 80s – +2.9%
So we’ve now have had 3 straight, significantly higher than average, quarters of GDP growth. That’s superb.
Anyone who tries to tell you that the economy isn’t roaring right now either doesn’t know the facts or they’re trying to mislead you. It’s that simple.
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