November 29, 2005

It's the Economy, Stupid!

Yes, it's the economy...the economy that everyone thinks is in the toilet. Well it's not:

The U.S. economy has been surprisingly resilient this year and is expected to grow by 3.6 percent in 2005 despite the difficulties posed by both oil prices and hurricanes -- the latter cutting 0.5 percentage points from growth on an annual basis in the second half of the year.

Overall activity is expected to return to trend in early 2006 and then be somewhat higher, taking growth for the full year to 3.5 percent, 20 basis points higher than the 3.3 percent forecast by the OECD in its last report in May.

That's not all:

Business spending is also growing quickly, unemployment has dropped toward its equilibrium level and export growth is being supported by the respending of higher oil revenues by oil producers.

The Bush administration needs to be tooting its horn not only on the Iraqi front, but the economic front as well. Come on, guys!