January 2015 was the best month since 2006 for vehicle sales, and U.S. sales of light trucks in particular are booming.

Job growth (including revisions to prior months' employment gains) are also upbeat, and business confidence tracked by Moody's economy.com is outstanding.

All in all, we're off to a good start for 2015.

But there are potential threats. Terrorist activity, the crisis in Ukraine, and other volatile areas lead the list.

Markets are worried about Greece and China. (Certainly, China's economic conditions bear watching.)

But the biggest downside risk remains public policy.

State and national policymakers need to make the right choices to support economic growth and jobs. If they do, we'll continue do well. If not, then that's the big risk.