Economy Set for Best Growth in 20 Years

Discussion in 'Current Events' started by MtnBiker, Jul 6, 2004.

  1. MtnBiker
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    MtnBiker Senior Member

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    By MARTIN CRUTSINGER


    WASHINGTON (AP) - The economy appears headed for a banner year despite a springtime spike in energy prices and a recent increase in interest rates.

    In fact, many analysts are forecasting that the overall economy, as measured by the gross domestic product, will grow by 4.6 percent or better this year, the fastest in two decades.

    There were strong 4.5 percent growth rates in 1997 and 1999, when Bill Clinton was president and the country was in the midst of a record 10-year expansion.

    But if this year's growth ends up a bit faster than that, it will be the best since the economy roared ahead at a 7.2 percent rate in 1984, a year when another Republican president - Ronald Reagan - was running for re-election.

    "We are moving into a sweet spot for the economy with interest rates not too high, jobs coming back and business investment providing strength," said Diane Swonk, chief economist at Bank One in Chicago, who is predicting GDP growth of 4.8 percent this year.

    President Bush is highlighting the improving economy at every opportunity while Democratic challenger John Kerry has focused on what he calls a middle class squeeze of rising health and tuition costs and laid-off workers forced to take lower-paying jobs.

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  2. krisy
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    krisy Senior Member

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    Kerry can say what he wants,the economy is on the mend and fast. Hey,my husband and I finally got a house,something good must be going on ,cause we thought it would never happen!!!! I believe tax cuts work!
     
  3. Annie
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    Annie Diamond Member

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    Low interest rates and tax refunds help. I'm really happy for you Krisy!
     
  4. Merlin1047
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    Merlin1047 Senior Member

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    Excuse me for throwing a damper on the celebration. But you may recall that the last time this very same situation existed was when Pres. Bush Sr. lost the election to Slick Willie. As a result, we now have to listen to libs brag about the wonderful economy that Bubba was allegedly responsible for. Let's hope that THIS time history will NOT repeat itself.
     
  5. Annie
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    Annie Diamond Member

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    You just voiced one of my concerns Merlin. The only difference is, I don't think Kerry could get through 4 years of doing nothing. He'll be forced to act at some point.
     
  6. MtnBiker
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    MtnBiker Senior Member

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    The media landscape is much different now as compared to then as well.
     

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