Let's raise a glass to stubborn freelancers.

Good news doesn't sell, and people are probably more worried about Iraq than they are pleased with a growing economy. Second, there are two things that IMHO explain virtually all economic growth in the last four years: a) the lowest interest rates since the 1950's and b) a dramatic shift from an almost balanced budget (in terms of "on budget" only) to one that six to seven hundred billion USD in the red per year. I presume some of this growth will stick around even after interest rates climb and the budget gets pruned a bit (or taxes rise again).

Oh, and that glass is half empty. ;-)

Its easier to portray the classic American stereotype that we are fat, lazy, and stupid.

I'd say we've started off the new century by showing everyone that when we get kicked, we show no hesitation to defend ourselves. When the economy gets weak, we work harder to make up the loss. Well we may still be fat at least we got our low carb diets on.

I've never quite understood how low interest rates would keep productivity growth going. Expansion of the economy being tied to rates is obvious, but productivity would seem to be less correlated. My admittedly amateur perspective says it is tied to our optimism for improving our standard of living. Is that really tied to the interest rates?

Alfred, briefly, productivity is primarily driven by free markets and investment in productivity-enhancing technologies. Low interest rates encourage investment in general, by reducing the cost of borrowing for such investment.

Of course, the French remain as one of the most productive people on Earth :) I really really wish I knew how they did it.

In addition to low rates reducing the cost of money for investment, high rates create competition for those investment dollars. The more you can make in low-risk interest-bearing investments, the worse the risk/reward profile of high-risk speculative investments.