One of the hottest politico-economic arguments in the U.S. involves the question: Is the U.S. growing fast enough? Last week the Federal Reserve Board produced factual proof that the industrial side of the U.S. economy is growing much faster than the Federal Reserve and most economists had charted. The faster pace was revealed when the Fed updated its industrial-production index for the first time since 1953; output has been rising at a rate of 4.1% a year from 1947 to date, v. 3.7% previously calculated. As a result, the revised index hit a peak of 166 (1947-49...
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