Monday, September 19, 2005

Who deserves credit?

ECONOMY: Mexicans never had it so good. I don't think its just Toluca, most of the country
seems to be enjoying progress. In 2004 real GDP expanded by 4%, and may do slightly better this year.

The maquiladora factories have added 84,000 jobs over the past year.

The Bolsa stock market has been one of the world's strongest over the past year.

The high oil prices and money sent home by Mexicans working abroad are major sources of foreign exchange.

Public spending has not lagged. There are 73 new universities, a billion free textbooks distributed in the public schools, and 23,000 new classrooms with electronic "blackboards."

Who deserves the credit? President Fox's sound fiscal management has kept government revenues growing, the peso strong, and foreign investment forthcoming. Enlightened state governors (and mayors) of all three parties have put infrastruction and attracting business high on the priority list. There is enough prosperity for the credit to be shared, but let's not give credit to the national chamber of deputies, split 224 PRI, 149 PAN, 97 PRD. Sorry, the gridlock and defense of old turf were not the keys to prosperity and progress, but impediments that Fox and state governors were able to work around.

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