October • November 2007 • Vol. XXVI No. 1 • An Arnold Publication

From the Editor—

The Amazing American Economy!

Amazing is the only word I can think of to describe the U. S. economy.

Just two months ago I wrote an editorial that worried about the subprime housing market, fearing the possible consequences to our economy.

Now two months later, after a hefty rate cut by the Federal Reserve system, we’re setting new records. Today, both the Dow Jones Industrials and the S&P closed at all-time highs, while the Nasdaq was right up there nipping at their heels.At the same time, in September of this year, economic activity in the manufacturing sector of our economy expanded for the 8th consecutive month, while the overall economy grew for the 71st consecutive month. (Source: the latest Manufacturing ISM Report On Business® ).

Even the non-manufacturing sector grew in September, albeit at a slower rate than in August.
Perhaps even more important to those of us who work for a living and need jobs, the overall U.S. unemployment rate remained at a low 4.7%, while non-farm payroll employment rose by 110,000 jobs, following increases of 93,000 in July and 89,000 in August.

What’s the point of all this information?

Just this.

As the ‘08 Presidential election campaigning heats up we all need to remember the gift of freedom we got from our founding fathers. As long as we remain free, as long as the government allows American creativity and entrepreneurship to continue, as long as our tax burden remains low, Americans will work their hearts out for themselves, for their families and their posterity.

I think that now is a good time to remember that if some in the government get their way, we will drift even more toward the Maxist concept of taking from those who work and create and redistributing their fruits to those who don’t.

That is not the American way.

This editor believes that as long as we stay away from that Marxist, socialist dogma, as long as we continue to revere the entrepreneurial spirit, and to reward individual effort, the American economic miracle will continue.

                                                                                                             C. H. Bush, Editor