Thursday, August 03, 2006
The Blog | Eric Alterman: The American Dream vs. The Gospel of Wealth | The Huffington Post: "As the new millennium dawned in 2000, the American economy presented an extraordinary portrait of success. For the previous four years, Gross Domestic Product (GDP) had grown at an average real rate of 4.2 percent, a figure well above the 3.2 percent average for the post-World War II era. Unemployment, at 4.2 percent, was well below the postwar average. Inflation was minimal. To top it off, by the end of 2000, the federal government had produced surpluses for three consecutive years--a minor miracle, not seen since the late 1940s. From 1993 through 2000, the U.S. economy created over 23 million new jobs. The federal government was not only able to pay down trillions in accumulated debt; it had money left over to help cope with looming crises in Social Security and Medicare."