THE ROAD AWAY FROM SERFDOM: 2004 marks the 60th anniversary of the publication of Road to Serfdom by Friedrich Hayek. Arnold Beichman writes that “to remain a Marxist today or a Marxist fellow-traveler when the whole world has voted against the malice of Marxism raises the most profound questions as to the rationality of the true believer”.
In other ecomomic-related news, Larry Kudlow declares the current economy “a boom with legs“:
Over the past year, following enactment of the president’s tax-cut plan, real economic growth has increased 5 percent with only 1.6 percent inflation. After-tax profits have increased 37 percent (fully adjusted for depreciation and capital consumption). Business spending on equipment and software has grown 12.5 percent.
Since last August, 1.1 million jobs have been created. Spendable income has increased 4.9 percent in real terms. Consumer spending is up 4.3 percent.
The economy is roaring at its fastest in 20 years, and there’s no clear reason the prosperity trends won’t continue.
Kudlow asks, “Why can’t the naysayers see it?”