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From Larry Kudlow:
Economic pessimists have had a field day ever since GDP was reported a week ago at only 1.1 percent for the fourth quarter. But the latest jobs report released on Friday blew them out of the water. Including revisions, January employment is a huge 317,000 above the initial December level. In fact, over the past three months, non-farm payrolls have increased an average 229,000 per month. That's explosive. We're on pace for another 2 million jobs in 2006, following gains of 2 million in 2004 and 2005. Wages are also picking up steam, and with gasoline prices falling, consumer purchasing power and retail sales are climbing.
...Additionally, the Bush administration has just requested another $70 billion for the battlefronts of Iraq and Afghanistan, another $18 billion for Gulf Coast recovery, and $2.3 billion in case the Avian Flu epidemic ever arrives. This is essential spending, but it is also essential that budget makers dig deep for spending offsets. A $400 billion budget-deficit estimate will politically damage the tax-cut case. New House Majority Leader John Boehner must really get moving on the road to budget reform.
If there is no turnaround, overspending and headline deficits will politically crowd out the vital tax-cut extensions that are so necessary to investor, business, and consumer confidence.
The supply-side economic growth plan is working. But the governing GOP coalition must close the circle on budget restraint.
From Tech Central Station:
* The Gross Domestic Product (GDP), a key measure of economic expansion and contraction, increased by 4.3 percent in the third quarter in spite of the devastating hurricanes. Since the second quarter 2003, GDP has grown over 3 percent each quarter.
* The November unemployment rate was 5 percent, where the rate has been hovering since May. (The unemployment rate has since dropped to 4.7% in January).
* Continuing the solid monthly trend in 2004, 215,000 jobs were added to the economy in November.
* Productivity, an indicator of rising living standards, rose more than expected during the third quarter and increased at its highest rate in two years.
* Factory orders and orders for durable goods increased by 2.2 percent and 3.7 percent, respectively, in October.
* A survey of America's leading CEOs, the Business Roundtable's CEO Economic Outlook Survey, showed that they expect "broad strength in the economy moving into 2006." The CEO Economic Outlook Index for December 2005 was at 101.4. The index is "centered on 50, which means anything above 50 is expansion and anything below 50 is contraction."
From Reuters:
The U.S. budget registered a surprisingly big surplus of $20.99 billion in January as strong receipts outweighed spending, a Treasury Department report showed.
The GWB tax cuts worked phenomenally well. Making them permanent will continue to power the economy.
See also these previous posts:
The Tax Cuts Worked-Economic Expansion: Year Five
The Bush Tax Cuts Have Resulted in Higher Tax Revenue
Lower Taxes Make the Economy Stronger
Lower Tax Rates Are Resulting In Higher Tax Revenue
A Myth Debunked: Bush Tax Cuts Did Not Favor the Rich
Tax Cuts Work: Government Forecasting Incorrectly Thought Tax Costs Would Reduce Tax Revenue
