Cliff Stearns: “last week brought the American taxpayers some good news. Whether it was in the USA Today newspaper, Associated Press…”

“last week brought the American taxpayers some good news. Whether it was in the USA Today newspaper, Associated Press stories, the New York Times or the Washington Post, they all said pretty much the same thing. The U.S. economy grew at a rapid pace of 7.2 percent during the third quarter of this year. This is an accomplishment that has not been seen in 19 years, or since 1984, when Ronald Reagan was President of the United States. Most economic analysts were expecting just a 6 percent gain. In addition, the growth rate accelerated from a 3.3 percent rate in the second quarter. This must come as quite a surprise to those who have been hoping for bad economic news. I would like to greet the economic detractors with even more positive news: the value of U.S. stock markets has increased with shareholder wealth up $2.9 trillion, an increase of 22 percent since October 2002; and the 10,000 mark in the Dow Jones is well within reach. Disposable income is up 5.8 percent at an annual rate in 2003. U.S. homeownership in the United States was 68.4 percent in the third quarter. Now this is the highest level it has ever been.”