Attention all shoppers: Stocks are at an all-time high. Goldilocks lives. The economy could grow by 3 percent in Q3 after growing nearly 4 percent in Q2. Moreover, a highly competitive America is exporting at a 13 percent annual rate, including a 24 percent export gain to China, a 25 percent increase to South America, and a 15 percent export rise to Europe.
Meanwhile, at lower tax rates, the growing economy threw off $2.6 trillion dollars of tax revenues bringing the FY 2007 budget deficit to only 1.2 percent of GDP or $163 billion dollars. 2007 tax collections are roughly $550 billion above the FY 2000 prior peak.
And even spending in 2007 was held to 2.8 percent growth with domestic spending less entitlement and security actually falling by nearly 6 percent from last year.
So I’d like to thank all you pessimists out there. Your wall of worry is actually driving stocks higher. You have been completely wrong. To quote former Senator Fred Thompson (who quoted me during the Republican debate), it’s still “the greatest story never told.”