Economy Finally Growing?
The economy may finally be making a move upward (to the dismay of many a Democrat and the joy of all Republicans), AP Reports,
WASHINGTON (AP) — The U.S. economy, lifted by consumer and business spending, broke out of the doldrums and grew at an annual rate of 2.4 percent in the second quarter of 2003, the strongest showing in nearly a year.The improvement in the gross domestic product in the April to June quarter, reported by the Commerce Department Thursday, came after two straight quarters of lousy economic growth. GDP increased at just a 1.4 percent pace in both the final quarter of 2002 and the first three months of this year.
The report reinforced the hope that the nation’s economy, shedding war and other uncertainties that had bogged it down earlier, would gain more traction in the second half of this year.
For the good of our country and the millions of people who have lost their jobs, I hope these numbers portend good things in the coming months.
NOTE: The beauty of economic numbers is that the really important thing is the expectation was a 1.5% growth rate, so the fact that the number beat expectations is the real news.
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July 31st, 2003 at 11:13 am
The report I saw on Yahoo said that much of the growth was due to military spending. That seems to be the ONLY way Republicans know how to make the economy grow. Their slogan should be:
“Wage War For Prosperity!”
July 31st, 2003 at 12:01 pm
It is interesting how they use war to cover both sides of the equation. Well, the economy has been poor because of the war and now GDP is growing because of the war. I actually have heard administration members speak about the benefits of all the money being spent on defense for the overall economy.