Friday, August 29, 2003

Good News on US Economic Growth

This Reuters report suggests that the American economy is in for a bonanza quarter, with estimates of up to 7 percent GDP growth. Given Brad DeLong's estimate of the need for better than 4 percent annualized growth for unemployment to drop, George W. Bush's re-election prospects are suddenly looking a lot rosier than previously. Politics aside, if these predictions do pan out, they promise to be a godsend for the rest of the world, as America once again rides to the rescuer as buyer of last resort.