The recession that began in late 2007 was extraordinarily severe, but the actions we took at its height to stimulate the economy helped arrest the freefall, preventing an even deeper collapse and putting the economy on the road to recovery.
From the start, President Obama made clear that recovery from a crisis of this magnitude would not come quickly and that the recovery would not follow a straight line. We saw that this past spring, when the European fiscal crisis posed a serious challenge to the markets and to business confidence, dampening investment and the rate of growth here.
While the economy has a long way to go before reaching its full potential, last week’s data on economic growth show that large parts of the private sector continue to strengthen. Business investment and consumption — the two keys to private demand — are getting stronger, better than last year and better than last quarter. Uncertainty is still inhibiting investment, but business capital spending increased at a solid annual rate of about 17 percent.
Together, private consumption and fixed investment contributed about 3.25 percent to growth. Even the surge in imports, which lowered the rate of increase of G.D.P., actually reflects healthy and growing American demand.
Of course if you are one of those 10 percent of Americans looking for work......
1 comment:
He thinks at some point, people have made enough money. He's succeeded there.
He thinks we should cut our energy consumption. The sluggish economy has done that. Check.
He thinks government needs to help those in need. Well the supply side of that equation has been satisfied. There are definitely a lot in need. Check.
He thinks that people should get minimum wage or no wage. Lots of idle teens making no wage this summer. Check.
He thinks that enforcing laws against illegal entry into the country is a bad idea. I'll let the unions thank Obama for allowing millions of undocumented workers supply the job market with an army of peoiple willing and able to work at sub-minimum wage. So, check.
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