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> > Get_bush_INSTEAD@hotmail.com (Get bush INSTEAD) wrote in message
> >news:<529be80b.0311121110.165c5a24@posting.google.com>...
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> Personal bankruptcies hit record high
> Number of people declaring bankruptcy soars 7.8%, but number of business
> filings slips 7.4% in '03.
> November 14, 2003: 1:52 PM EST
>
> NEW YORK (CNN/Money) - The tight U.S. job market pushed personal
> bankruptcies to a record high level in the fiscal year that ended Sept.
> 30, according to a government report released Friday.
>
> Non-business bankruptcies rose 7.8 percent in fiscal year 2003 to 1.63
> million, the Administrative Office of the U.S. Courts said in a statement.
>
> However, in the agency's fourth quarter, which ends Sept. 30, personal
> bankruptcies fell 6 percent to 412,989 from the filings in the third
> quarter.
>
> Central California tops the list of personal bankruptcies with 77,131,
> followed by Northern Illinois with 59, 647 and the Middle section of
> Florida with 54,908.
>
> All bankruptcy filings rose to 1.66 million, but business filings fell
> 7.4 percent to 36,183 in the 12-month period, the courts said.  Top of
page
>
Economic Growth Largest Since 1984
By Jimmy Moore
Talon News
October 31, 2003

WASHINGTON (Talon News) -- Third quarter economic data show that the U.S.
economy posted the largest rate of growth since 1984.

In fact, then-President Ronald Reagan credited his tax cuts for spurring the
economy in an address he made on March 19, 1984.

"This recovery was created by the incentives of tax-rate reductions, which
shifted resources away from government [and] back to American producers,
savers and investors," Reagan said at the time.

The Commerce Department reported on Thursday that the overall rate of growth
in the gross domestic product was at a surprisingly strong 7.2 percent from
July through September.

As reported by Talon News on Wednesday, the growth rate for the third
quarter was expected to be between 6 and 7 percent, which is more than
double the rate of growth in the second quarter which came in at 3.3
percent. Most economists predict the fourth quarter growth rate will be at 4
percent.

The gross domestic product is an economic measure of the value of goods and
services in the United States.

Automobile sales in the third quarter grew by a phenomenal 26.9 percent.
Additionally, the sale of food and clothes rose 7.9 percent, the highest it
has been since Gerald Ford was president.

Home sales also contributed to the strength of the economy in the third
quarter as a result of historically low mortgage rates. Residential home
sales grew by 20.4 percent, more than three times the 6.6 rate of growth in
the second quarter.

In addition to consumer spending, businesses added to the economy in the
third quarter by purchasing new equipment and software upgrades at a growth
rate of 15.4 percent. That was nearly double the 8.3 percent rate of growth
seen in the second quarter.

Talon News reported on Wednesday that most businesses are still tentative
about spending and hiring until they can see the long-term strength in the
economy.

One area of the economy that saw only marginal growth was federal government
spending. In the third quarter, it only accounted for a 1.4 percent growth
rate. In fact, national defense spending was nominal in the third quarter,
sharply contrasting the 45.8 percent rate of growth in the second quarter.

Finally, increased trade in the third quarter was also a key to the growth
in the gross domestic product.

Economists believe the economy is in a position to continue growing as a
result of the short-term interest rates remaining at 1 percent in the next
six months as well as the long-term effects of President George W. Bush's
tax cuts.

The Democrats have scoffed at the idea that the tax cuts have helped the
economy by pointing to the deficit and a 6.1 percent unemployment rate as
negatives in the economy.

But House Speaker Dennis Hastert (R-IL) says the Democrat alternative of tax
increases would completely devastate the economic recovery.

"Leading Democrats say that we should reverse the policies that have helped
grow the economy by raising taxes," Hastert said in a press release. "They
want more taxes because they want to spend more on government. I think we
should stick with the policies that turned this economy around."

Talon News has previously reported that unemployment claims have steadily
fallen as 57,000 new jobs were created in September.

The Department of Labor announced on Thursday that new claims for
unemployment fell by another 5,000 last week to 386,000. When unemployment
claims dip below 400,000, it is considered a strong sign that layoffs are
slowing and jobs are being created.

A private research group study found the Consumer Confidence Index rose from
77.0 in September to 81.1 in October.

Economy.com's Mark Zandi said the over 7 percent growth in the third quarter
bodes very well for the economy.

"This is a gangbuster number," said the chief economist for the website
group. "Everything came together for the economy in the third quarter."

He cautiously added, "The key challenge now is jobs."

Hastert said the Republican tax cuts have given consumers more resources to
spend and invest in the economy.

"We said all along that if we passed a tax cut that would put more money in
consumer's pockets, that if we put more confidence back in the markets and
gave investors more incentives to invest, we would have stronger economic
growth," Hastert asserted in a press release. "We were right."

He added, "By fighting to keep these pro-growth policies in place, and by
taking other steps, such as completing work on the President's energy bill,
we will put America back to work."

John Snow, Secretary of Treasury in the Bush administration, said he is
pleased by the renewed strength of the economy, but is still concerned about
the job market.

"The GDP report is certainly very encouraging news for our economy, but we
still have more work to do to ensure that every American who wants a job can
find a job," Snow said in a statement.

White House Press Secretary Scott McClellan told reporters that the
president is pleased with the progress in the economy and will continue to
work towards creating jobs for the unemployed.

"While the economy is moving in the right direction, because of the actions
that we have taken, there is more work to be done," McClellan stated. "We
need to continue to act and build upon the steps we have taken to get our
economy growing so we can continue to translate growth into job creation."

Bush has said that he believes continued growth in the economy will create
the jobs needed to lower unemployment.