And soon they'll be indexed so that beginning in 1985, the Federal Government will never again profit from inflation at the people's expense. The cumulative effect of all our economic efforts is now being felt. That's why they don't call it Reaganomics anymore. As they say down at Cape Canaveral, we have a lift-off. Consumer confidence and spending are up.
Productivity is up.
Industrial production, retail sales, auto sales, housing and construction are all up since the beginning of the year. Last quarter, the economy grew at an annual rate of 9.2 percent. It was a much bigger jump than anyone had predicted or expected. It was first announced as 8.7, and then they had to go back and correct themselves. It was 9.2.