It's official now
The Bush tax cuts have ruined the economy.
U.S. economic momentum at the end of 2004 was significantly stronger than previously thought, according to a government report on Friday revising up fourth-quarter output to reflect stronger exports and investment.Don't you wish we had Clinton back?
The Commerce Department said gross domestic product, the gauge of total goods and services production within U.S. borders, grew at a revised 3.8 percent annual rate in the final three months of last year instead of 3.1 percent reported a month ago.
That was slightly stronger than the 3.7 percent rate that Wall Street economists had forecast and only a small decline from the third quarter's 4 percent pace.
Nearly half the revision stemmed from a stronger trade performance, reflecting more robust exports than previously thought. Statistics Canada corrected a $1.4 billion error in underestimating U.S. exports to Canada during November, and later data also showed the U.S. trade deficit for December narrowed more than had been anticipated.
BEST YEAR SINCE 1999
Despite the fourth-quarter revision, there was no change in the government's calculation that GDP grew 4.4 percent in 2004, ahead of a 3 percent increase in 2003 and the strongest for any year since 1999, when it expanded 4.5 percent.