Despite all the turbulence our country has faced in the past year (hurricanes, oil prices, etc.), the economy continues to chug along. New York Times excerpt:
Propelled by a burst of consumer spending and vigorous business investment, the gross domestic product surged at a 4.8 percent rate in the first quarter of the year, the Commerce Department reported yesterday, the fastest pace of growth since the summer of 2003.
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Businesses and consumers started 2006 with remarkable vigor. Consumer spending expanded at an annualized rate of 5.5 percent compared with the last quarter of 2005. Business investment jumped 14.3 percent, the biggest increase since the second quarter of 2000. Even the government contributed to growth, powered by a 10 percent increase in military spending.
In related news, liberal economist John Kenneth Galbraith has passed away.
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