Of great dismay to the Democrats, the best news of the week is that the economy is still in great shape. The growth of gross domestic product for the third quarter was a robust 4.3 percent. This level of growth is the highest average for the last 10, 20, and 30 years. It would be huge on its own, but is incredible given the (artificially) high energy prices and hurricanes.
Can you say “tax cut worked”?
The growth rate is the highest quarterly rate since the third quarter of 2003, when the Bush tax cuts kicked it. That rate was an incredible 7.25 percent annualized growth rate. The third quarter rate raises the average for the last 10 quarters to 4.1 percent, which even beats the 3.6 percent mark set for President Clinton’s term.
Remember also that this president inherited an anemic economy. Democrats criticized his economic policy, especially the tax cuts. Now the proof is in the pudding. Lower taxes and the economy will boom.