“US ECONOMY EXPANDED AT BRISK 3.3 PCT. PACE IN THIRD QUARTER”
-Paul Wiseman in The Associated Press
Paul Wiseman at The Associated Press reports that from July through September of this year, the U.S. economy grew at an annualized pace of 3.3 percent – “its fastest rate in three years.” That achievement, Wiseman explains, comes “despite damage from two devastating hurricanes.”
The article quotes Jim Baird, chief investment officer at Plante Moran Financial Advisors: “The news on the economy had previously been good, but it just got a little better.” Along with this GDP growth, the third quarter saw business investment increase to the tune of 7.3 percent, making it “the sharpest pickup since the end of 2016,” writes Wiseman. The causes he cites for this growth include a healthy job market and a drop in the dollar’s value, the latter of which makes American-made products cheaper to buy abroad.
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In other economic news, Adam Shell of USA Today writes that the Dow saw its biggest gains since early September as the Republican tax bill moved closer to reality. “The tax plan is viewed by investors as the centerpiece of Trump's economic stimulus initiatives,” writes Shell, “as lower taxes . . . [are] seen as boosting the economy, corporate earnings and consumer spending.”
With more on tax reform, Noah Alldredge – owner of Big Time Results, a small personal training business in Missouri – speaks to The Daily Signal about how a simple and fairer tax code can benefit him, his employees, and his business.
On the growing drug epidemic, The Hill’s Jessie Hellmann reports that the Justice Department will award “$12 million in grants to help law enforcement agencies combat the opioid crisis.” In addition, the Drug Enforcement Agency will create a new office with 90 special agents and 130 task force officers to fight illicit drug trafficking in Kentucky, Tennessee, and West Virginia.
In national security, “there are few dangers more devastating than a nuclear weapons attack.” So writes The Heritage Foundation in its preview of a newly updated documentary, “33 Minutes,” which warns Americans of what the U.S. government must do to keep us safe. Why that title? “Thirty-three minutes is the maximum time it would take a nuclear-tipped missile from the farthest point of the earth to reach the U.S.”