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Willisms

« Wednesday Caption Contest: Part 54. | WILLisms.com | Trivia Tidbit Of The Day: Part 325 -- Smog. »

Trivia Tidbit Of The Day: Part 324 -- Personal Income Up.

The Rich (a.k.a. Americans) Get Richer-

This morning, more encouraging news about the economy:

America's service sector expanded with gusto and the country's factories saw orders shoot up by the largest amount in nearly a year, fresh evidence the economy was pushing ahead at a good clip into the spring.

Before that, on Monday morning, another important report on the economy. Yes, the Commerce Department released personal income numbers for the month of March:

Personal income increased $88.8 billion, or 0.8 percent, and disposable personal income (DPI) increased $78.4 billion, or 0.8 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $51.8 billion, or 0.6 percent.

Lagging personal income growth, of course, is one of the few remaining indicators liberals have been able to point to over the past three years in their quest to talk down the Bush-tax-cut-induced economic boom.

No more. Predictably, those 5+ million recently-created jobs have driven unemployment down. The historically low unemployment rate has placed competitive pressures on employers' ability to attract and retain talent, which has led to higher wages.

In just one month (March), Americans earned an additional 88.8 billion dollars. If those additional income dollars from March were an economy of their own, it would rank ~59th in GDP among individual nations.

Using CIA World Factbook numbers, you could fit the annual economies of North Korea, Cuba, plus Brunei and Greenland within that single month of American personal income growth. With room to spare.

Or, you could add the entire annual economies of each of the following:

personalincomegrowthmarch20.gif

Iceland, Zambia, Niger, Moldova, Kyrgyzstan, Togo, Tajikistan, Benin, Gabon, and Somalia... with room to spare.

Think about that. One month. An increase of 88.8 billion personal income dollars, on top of America's already high income levels.

The consequences of economic growth are profound. Let's keep it going. Let's resist the urge to derail economic growth with weird economic isolationism, Kyoto-like regulations, and higher taxes.

Let's also spread the word about this robust economy. I'd hate to see the negative attitudes of Americans about the economy become a self-fulfilling prophesy. Moreover, if President Bush received a smidgeon of the credit for the economy President Clinton received during the late 1990s, there's little doubt that Bush's overall poll numbers would be far higher than they are today.

And if the President's poll numbers were a little higher, maybe some of those recalcitrant Congressional Republicans wouldn't be so busy proving how "independent" (idiotic) they are.

-------------------------------------

Previous Trivia Tidbit: Voter Turnout.

Posted by Will Franklin · 3 May 2006 01:15 PM

Comments

So what is everyone griping about?...

Posted by: Zsa Zsa at May 3, 2006 09:10 PM

I also heard that IRS took in 15% over last years'.

Posted by: Chief RZ at May 4, 2006 11:09 AM