More good news today, as the Institute for Supply Management’s factory index rose to 62.8 in November, the highest level since December 1983. November was the fifth consecutive month of expansion of manufacturing activity.
In addition, the Commerce Department reported that October was the best month on record for construction spending.
The worldwide economy is rebounding too, although not as robustly. So nothing other than a major terrorist attack stands in the way of excellent economic growth over the next twelve months.
The current growth is due in part to the Bush administration’s tax cuts. But the most important thing the federal government can do to promote economic growth is to protect us against terrorist attacks. Which renders somewhat meaningless the poll results suggesting that Americans are more concerned about the economy than about the war on terror. The two cannot be separated.
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