And now, for something completely different

The “dismal science” of economics typically focuses on “bad” news. We clearly face many significant challenges…no argument here. However, there are also many favorable developments taking place within the U.S. economy. This is our semi-annual update of “Happy Talk”– ONLY on the “good” news:

• The Great Recession is over! The consensus of forecasting economists expects U.S. economic growth this year near 3.0 percent (after inflation), the strongest in five years

• The U.S. accounted for nearly one-third of the $1.1 trillion spent globally on research & development in the latest data available

• Total U.S. workplace fatalities declined to their lowest point on record last year

• The strongest U.S. job gains in four years are likely to be reported in coming months

• Donations to charities were near the all-time high in 2008, with more than $307 billion donated by individuals, foundations, and corporations. As a percentage of GDP, Americans gave twice as much as the next most charitable nation — England

• Energy-efficient appliances, cars, buildings, and other technologies that already exist could lower U.S. energy usage 30 percent by 2030

• Smoke-free laws in restaurants, bars, the workplace, etc. reduced the rate of heart attacks by an average of 17 percent after one year in those communities where the bans had been adopted

• The Dow average has rebounded 66 percent since its low in early March 2009, with even larger gains by other measures

• The income of women worldwide is expected to rise by $5.1 trillion by 2013 to $15.3 trillion, an increase of one-half

• During the early 1960s, the five-year survival rate from cancer for Americans was one in three. Today it is two in three…continuing to climb…and the highest in the world

• Roughly 80 percent of companies that suspended or reduced their 401(k) matches during the past 2-3 years plan to reinstate them this year

• The divorce rate dropped by one-third between 1981 and 2008, and is at its lowest level since 1970

• U.S. exports to China have risen roughly 24 percent per year since 2001, making China the fastest growing market for U.S. goods

• Conventional thirty-year fixed-rate mortgages have averaged just slightly below 5.00 percent in recent weeks, near the lowest levels on record

• Violent crime declined 4.4 percent during 2009’s first half, versus the year before. Violent crime overall is down nearly 60 percent since 1993, with violence by teens down 71 percent. School violence has declined by half from a decade ago

• The number of American volunteers rose 2.0 percent to 61.8 million in 2008. Among young adults, the number of volunteers rose 5.7 percent

• Air pollution declined 25 percent over the past 30 years even as the population and the economy grew. Water quality also continues to improve. More progress will occur in coming years as companies see rising value in “going green”

• The global economy has returned to modest growth after suffering its first recession since just after WWII

• Cigarette smoking by teenagers is at the lowest point since measurement began in 1975

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• Women now make up a record 46 percent of global MBA candidates. More than 70 percent of students surveyed name the U.S. as the top MBA study destination

• Men’s contribution to housework has doubled over the past 40 years, while their time spent on child care has tripled

• Productivity of U.S. workers rose an average of 2.8 percent annually during the past 10 years, the largest gains in 40 years. Rising productivity is a long-term key to higher standards of living

• The number of people who have quit smoking (46 million) now exceeds the number who still smoke (45 million). Less than 21 percent of adults smoke today, versus nearly half in the early 1950s

• Traffic deaths per 100 million miles traveled during 2009’s first half were the lowest on record

• The Consumer Price Index (CPI) is up a modest 2.1 percent during the most recent 12-month period

• The number of people using public transportation hit a 52-year high during 2008

• Alcohol-related traffic fatalities in the most recently reported year dropped by more than half versus 20 years ago

• Average U.S. life expectancy has reached 78 years (men 75, women 80), the highest ever. This compares to 76 years in 1995, 68 years in 1950, and 47 in 1900

• For every dollar of U.S. economic output generated today, we burn less than half as much oil as 30 years ago

• Children’s deaths from unintentional injury have dropped by almost 40 percent since 1987. Bicycle deaths fell 60 percent, while firearms-related deaths fell 72 percent

• Roughly 30 percent of trash was recycled or composted in the latest year, versus 16 percent in 1990

• A record 50.5 million foreigners visited the U.S. during 2008

• The number of miners killed on the job in the U.S. fell to 34 during 2009, the lowest since recordkeeping began nearly a century ago

• Seat belt usage by Americans was at 82 percent in 2007, versus 49 percent in 1990 and 14 percent in 1983

• A recent poll of more than 12,000 global business figures conducted by the World Economic Forum ranked the U.S. as the world’s most competitive economy

• A record 29 percent of men have earned a bachelor’s degree or higher, versus 26 percent of women, also a record. This compares to a combined 7.7 percent in 1960. A record 84.6 percent of adults over age 25 now have at least a high school diploma, versus 24.5 percent in 1940

• The upward “mobility” of the typical American remains the greatest in the world. Why? The U.S. economy “rewards” the combination of hard work and educational achievement more than ever before and more than any other country in the world

• Flexible work schedules are now the norm for 43 percent of workers, up from 29 percent in 1992 and 13 percent in 1985. This allows greater flexibility for more people, especially those with children

• The U.S. role of dominance in the global economy during the past decade was as clear-cut as at any time since the 1950s

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