Donald Lambro interviews Kevin Hassett, former senior economist for the Federal Reserve Board, in the Washington Times:
“After the Commerce Department released its economic numbers for the third quarter Thursday, showing that the economy was growing at a robust annual rate of 7.2 percent, Mr. Hassett said he ran the government’s data through his statistical forecasting models. What they showed was that the U.S. economy will likely grow by at least 4 percent between now and next year’s election.
Based on that forecast, Hassett predicts strong job creation over the next twelve months:
“I found, basically, that it’s very easy to see employment growth in the fourth quarter of about half-a-million jobs, based on the third-quarter gross domestic product numbers and the history between strong GDP and job creation.” Hassett says the growth now in progress should sustain approximately two million new jobs over the next year.
One key assumption, of course, is that there are no major terrorist attacks. At this point, the most important thing the government can do for the economy is round up terrorists.
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