Good news for Americans, generally and good political news for Mr. Bush. If the economy continues to strengthen, it will vindicate tax cuts as the stimulant. However, we must not ignore the huge deficits and continued buildup in the national debt. If the economy continues a strong recovery and if the equity markets surge, there'll be another round of capital gains taxes to fill the tax coffers.
The profits news is encouraging.
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"The report also contained the government's first estimates of third-quarter profits.
Profits from current production, adjusted for inventory valuation and capital consumption, increased by 11.8 percent sequentially and by 30 percent from the year-ago third quarter. Before-tax profits increased 16.4 percent on a year-over-year basis, and after-tax profits rose by 13.6 percent."
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