With a higher-than-expected 3.3 percent growth rate in the second quarter, Phil Gramm seems to be vindicated that the recession is mental — the economy is not contracting. One interesting thing to note is that a weaker dollar boosted exports, which helped spur growth. That’s just basic classical economics.
Clearly, the economy isn’t out of the woods yet, and this doesn’t wipe away American’s anxiety, particularly because we can’t count on the media to report good news with the same ferocity with which they report bad news. But the harder it is for Democrats to make the argument that the economy is in shambles, the better the chances are for John McCain — especially because Obama lags on the comander in chief question.
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