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US Economy Up

By Justin Gardner | Related entries in Economy

THE US economy powered higher in the third quarter at a 4.3 per cent annualised growth pace, the US Government said overnight, revising upward its previous estimate of 3.8 per cent growth.

The Commerce Department estimate was stronger than the 4.0 percent pace expected by economists and showed the world’s biggest economy was able to shrug off the impact of two powerful hurricanes and a surge in energy costs.

The upward revision in gross domestic product (GDP) was largely due to higher spending on nondurable goods and to more investments in homes and in business equipment and software.

As in the earlier estimate, growth was powered by consumer spending and business investments.

Very cool. It’s hard to disagree with numbers like that, regardless of the economic philosophy behind it.

Of course, in the long run it’s a different story. But for the time being, it’s encouraging to see these numbers trending upward.

This entry was posted on Thursday, December 1st, 2005 and is filed under Economy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

4 Responses to “US Economy Up”

debsay Says:
December 1st, 2005 at 1:08 pm
“As in the earlier estimate, growth was powered by consumer spending and business investments.”

Which was, in turn, powered by the tax cuts that allows people to keep more of their money to spend or invest. Aaahhhh, Economics 101 in action again.
Socks Clinton Says:
December 1st, 2005 at 2:13 pm
debsay,

out of curiosity, did you ever take economics 101 (or its equivalent at your school)?
debsay Says:
December 2nd, 2005 at 1:39 pm
Yes, I did. It is a pretty simple concept really.

If people have more money they will either invest it (finance business expansions and start ups) or spend it (increase consumer demands which drives more industry).

Taxing at a higher rate has ALWAYS caused an economic slow down, because it takes money out of the private sector which is where MOST of the jobs are.
Robert Morgen Says:
June 20th, 2008 at 1:37 pm
“Taxing at a higher rate has ALWAYS caused an economic slow down, because it takes money out of the private sector which is where MOST of the jobs are.”

Good Point.

It’s also owning a business allows you to take advantage of so many more ‘loopholes’ than the average person has.

Great post.
Thanks,
Robert :)
http://SpiritualEntrepreneur.biz

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