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Wednesday, June 29, 2005

Reagan's Economic Legacy Continues

My earlier worries about an economic slowdown seem to have been misplaced:
The economy logged a solid 3.8 percent growth rate in the first quarter of 2005, a performance that was better than previously thought and a fresh sign the expansion is on firm footing.

The new reading on gross domestic product, released by the Commerce Department on Wednesday, marked an improvement from the 3.5 percent annual rate estimated for the quarter just a month ago and matched the showing registered in the final quarter of 2004. [...]

"It was a solid quarter, particularly in the face of high and rising energy prices," said Mark Zandi, chief analyst at "It illustrates the resilience of the economy and the durability of the current economic expansion."

A very sustainable rate of growth. Not too hot, not too cold. Even through stock markets crashing, bubbles popping, and wars, Reagan's gift (his tax cuts and policies) keeps on giving and giving. We haven't had a serious recession since his policies started taking effect over twenty years ago.

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