For years, economists have pointed out that a weaker dollar is good for lowering the trade deficit. It makes US produced goods cheaper in comparison to foreign goods. It also is good to promote foreign tourism in the US.

Compared to Europe, the US economy is much stronger and growing much more rapidly. This is doubly true for Japan. Job creation is far higher in the US than in the EU or Japan, even in this so-called "jobless recovery." Frankly, I wouldn't want to trade economies or economic systems with either of them.

From The Weekly Standard:

Big-company share prices rose by more than 20 percent, and the high-tech and small-business sectors soared at twice that rate. Productivity is scaling new heights, profits are up, incomes are rising, inflation is nonexistent, and the dollar is in a so-far agreeable decline, shrinking the trade deficit. The unemployment rate has fallen to the level it averaged in the 1990s, which decade included both boom and bust. The Bureau of Labor Statistics' survey of households shows that over 2 million more Americans are working at year end than were employed at the start of 2003.

America's industries and workers produced almost $500 billion more goods and services in 2003 than during the previous year. That means that America added to the size of its economy an amount equal to a Brazil, or an India, or over one-and-a-half Russias.

Of the world's ten largest businesses, measured by market capitalization, eight are in the United States (the others are the U.K.'s BP and HSBC Holdings). Americans bought over 16 million cars and light trucks and some 2 million houses in 2003 (estimates for the most recent months, as yet untabulated by government, come from Morgan Stanley), as consumers rewarded Bush for his tax cuts by spending about $3 out of every $4 he refunded to them, thereby putting the economy on course to become a plus in the election that is less than a year away, and finally getting our two lagging indicators--employment and CEO confidence--to turn up.