The economy has been pretty good for a long time.
Message 23720745
12 States Set Record Low Jobless Rates in 2007
CARPE DIEM
State unemployment rates for June were released today by the BLS, showing that 18 states have set historical record-low jobless rates in the last year, and 12 of those record lows were set this year.
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Message 23538516
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Some 113 million people got an average tax cut of $2,216. Families with children got even more — $2,864 on average.
Since the last round of cuts in 2003, we've had the quietest, and most significant, boom in wealth, income and profits in our history. This explains why the economy, to the surpise of economists and the chagrin of liberal pundits, keeps humming. We've gone over the numbers before, but they bear repeating. Since 2002:
• Real gross domestic product has soared $1.64 trillion, or 16.5%, during a five-year stretch that has yet to see a downturn and that has witnessed average annual growth of 3%.
• Disposable personal income — what's left after taxes — has jumped $2.16 trillion, or 29%, to $9.68 trillion.
• Productivity, the fuel for future standards of living, has improved 14.3%.
• Overall employee compensation has expanded 4% a year.
• Net wealth, the amount people would have after paying off their debts, has swelled $15.2 trillion, or 38%, to $55.6 trillion. That gain in just five years is more than the total wealth amassed in the first 210 years of America's existence — an unprecedented surge.
• About 69% of Americans now own their homes, an all-time high.
• The jobless rate, now at 4.4%, remains below its 40-year average. Since August 2003, 7.8 million new jobs have been created.
• Tax receipts have surged 43%, or $757.6 billion, again thanks to economic growth.
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