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| Economic Engine |
July 17, 2006 |
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Dear Friends,
I read a lot. No big surprise, I guess. Most members of Congress are constantly reading. People pass me things to read all the time.
But someone gave me an article last week that contained a factoid that really makes you think.
It was an article by Larry Kudlow, host of CNBC`s Kudlow & Company.
This was the fact:
 Just over the last 11 quarters, dating back to June 2003, America has increased the size of its economy by 20 percent. In less than 3 years, the U.S economic pie has expanded by $2.2 trillion, an output add-on that is roughly the size of the total Chinese economy, and much larger than the total economic size of nations like India, Mexico, Ireland and Belgium.
Think about that for a second. In less than three years, we have created new economic activity equal to the total size of China`s economy driven by almost a quarter of the population of the world.
We not only have created over 5 million new jobs, the productivity of American workers has increased too. And workers are being paid more for their efforts -- a 6.6 percent gain in wages and salaries, according to the annual June Labor report.
The American economy is a powerful engine delivering unprecedented prosperity.
Wish you were here,
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