This economy is in the long, arduous process of healing itself. Economists in the White House expect their dividend proposal to lift the stock market about 10%. Their estimates on stock returns for 2003 sound very reasonable, but establishing a direct correlation between the impact of their policy and equity market performance will be tenuous. And despite all of the concern about the health of the U.S. economy, it grew twice as fast in 2002 as Europe‚s did, so there are good reasons to think it will heal itself, no matter what Washington does.

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