We hear every other day, it seems, some story concerning how poorly our country's financial status is at this time.
However, our economy is strong. There are a number of indicators people use to analyze where we are financially as a nation, and I would like to examine a few of these indicators.
According to the U.S. Department of Labor, as of Feb. 3, the national unemployment rate fell to 4.8 percent. While this alone sounds less than stellar, consider that this rate is lower than the averages the United States had in the 1970s, 1980s and 1990s. To illustrate, the average unemployment under President Bill Clinton was about 5.7 percent.
Surprising to most, almost 5 million new jobs have been created since August 2003, according to the White House's Web site. Also, since January 2001, income per person has risen 8.2 percent after taxes, and household net worth has risen to $51.1 trillion, which easily sets the all-time high.
When we think of the economy suffering, one of the first economic areas we picture is manufacturing. This includes automotive plants, power plants, food production and, in general, most blue-collar jobs.
The Institute for Supply Management, a private research group, reports that the manufacturing industry has grown for the past 33 consecutive months, according to Business Report online. Also, industrial manufacturing grew 3.8 percent in the last 12 months. This completely goes against how most people see the status of the manufacturing industry today.
When was the last time you heard a story on the news about job growth in these industries? I wish the media would report on these aspects of industry more often. Here is one example of growth in this area. According to its Web site, the Honda Motor Corporation saw the ground breaking of a new transmission manufacturing facility in Georgia in May 2005. This $100 million facility will provide 400 new jobs, bringing Honda's total number of North American employees to far more than 30,000. Honda now has 13 major plants in North America and is one of many corporations that have invested heavily in the United States.
The economic growth our country is experiencing can be found right here at home, as well. Gov. Mitch Daniels recently announced that Indiana will soon welcome the world's largest biodiesel plant. It will be built by Louis Dreyfus Agriculture Industries and will be located near Claypool.
With the massive push people are making toward America's need to come up with a renewable source of energy, a biodiesel plant seems like a wonderful investment in Indiana's future. Biodiesel fuel is already being used because the transition from conventional petroleum-based diesel to biodiesel is relatively unnoticeable for the consumer. It also is a financially smart move, as biodiesel is not that much more expensive and, surely, with more plants, the costs will drop.
The economic growth has come out of a conservative House and Senate. Not long ago, Congress lowered taxes on dividends and capital gains because doing so works to encourage investment, which is the backbone of a strong economy. I truly wonder if voters will recognize and remember our growth and current economic situation when they go to the polls for midterm elections.
When you take a step back and look at the big picture of the U.S. economy, Republicans are the ones we should be thanking - not blaming. It's simply the facts.
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