Economic growth in the second quarter reached 8.7 percent, and 1,700,000 Americans have been hired since last December. Yesterday we learned that total unemployment has dropped to 9.3 percent. Nearly 500,000 of our fellow citizens found jobs in July. More Americans are working than any time in this nation's history. This good news restores confidence in our economy and our currency.
Some people dislike our strong dollar and blame it on our interest rates.
Well, we do not want disorderly currency markets, and we've intervened to bring back order to otherwise disorderly markets. But let's remember something. Other countries have higher interest rates than we do, yet their currencies have fallen in relation to ours. One good reason is inflation. America's inflation rate has declined dramatically.