QandO: It's the worst economy since Hoover, you know

February 09, 2004

It's the worst economy since Hoover, you know
Posted by Jon Henke

More evidence of our rotten economy from the House Joint Economic Committee....

New data from the respected Institute for Supply Management (ISM) show the economic expansion continues to accelerate into 2004, Vice Chairman Jim Saxton said today. Saxton referred to both the ISM index of manufacturing as well as the ISM index of non-manufacturing activity. Both indexes have recently reached levels in excess of the boom years of the late 1990s.

“The January ISM business survey index released today shows an increase to a level of 65.7 percent, the highest since this index was created in 1997,” Saxton said. “The ISM manufacturing index released a few days ago also reached its highest level since the height of the boom in the late 1990s.[emphasis added]

Follow the link to find some nice graphs, if you're the visual learning sort. It seems fairly clear. If low investment - thus, poor business spending - was the problem....the fairly supply-side tax cuts were the obvious solution, both monetarily (long term) and psychologically (short term).

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