James Glassman (who beneficently publishes my articles at TCS Daily) writes that despite what the MSM would have you believe, “overall, 2005 was a damn good year. Celebrate!”
When the final figures are in, it is almost certain that our Gross Domestic Product — the single best indicator of economic progress — grew by more than 3.5 percent once again in 2005, compared with about 1.5 percent for the Euro Zone (the part of Europe, mainly Germany, France and Italy, that uses the euro as currency). U.S unemployment is 5 percent, compared with rates twice that high in Europe.
We are creating net new jobs (that is jobs gained minus jobs lost) at a rate of 2 million a year. Inflation is low, and the stock market — unless something dire happens this week — will rise for the third year in a row.
Further good news is that, Europe excepted, the rest of the world has enjoyed superb growth this year, and the U.S. has provided much of steam for the global engine. Yes, this means that we have a large trade deficit, but we can afford it. Our economic strength has boosted the value of dollar, and we