• 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. [b]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.[/b]
• 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.
Today, some signs point to slowing. All the more reason to keep Bush's tax cuts, the engine of our prosperity. But the new Democrat-led Congress has threatened not just to roll back Bush's cuts, but to impose new taxes that would sink the economy.
A recent study by economists Tracy Foertsch and Ralph Rector for the Heritage Foundation found that letting Bush's tax cuts lapse in 2010, as they are scheduled to do, would cost the U.S. $75 billion in GDP each year, kill 709,000 jobs and slice $200 billion from real personal income. It'd be a crime to let that happen.
George W. Bush's economic miracle is both real and sustainable. Too bad he won't get credit for it until the current generation of biased journalists and academics has retired.
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