The White House has released the Economic Report of the President, who on Feb. 12, 2007, declared, "Our economy is on the move and we can keep it that way by continuing to pursue sound economic policy based on free-market principles." And by loving mom and eating everything on our plates, etc.

Rhetoric aside, the Economic Report of the President is required by law and must be sent to the Congress within 10 days after the submission of the President’s Budget Request. The report must present an overview of the nation’s economic status and progress, if any, for the past year.

"The expansion of the U.S economy continued for the fifth consecutive year in 2006," states the report. "Economic growth was strong, with real gross domestic product (GDP) growing at 3.4 percent during the four quarters of 2006."

In his State of the Economy Address on January 23, President Bush stated, "This economy is on the move, and our job is to keep it that way, not with more government, but with more enterprise."

The President’s Budget Request, sent to Congress on February 5, expressed the White House’s plan for the spending of $3 trillion taxpayer dollars by the federal government over the next five years. The proposal, said the White House would result in not only a balanced budget, but a budget surplus, by increasing revenue and cutting spending for non defense-related programs, like education, energy and health.

Photo: Report Cover courtesy of the White House

Also See:
CEA Forecasts Continued Goldilocks Economy (US Economy)
The President’s Budget: What Your State Would Get
FY 2008 Budget "Borrows" $674 Billion from Social Security (US Economy)
What Exactly IS the U.S. Economy? (US Economy)
Who's Who in the U.S. Budget (US Economy)