Via politicususa.com: Thanks, Obama! Economy Surges Forward As GDP Growth Fastest In More Than A Decade
The federal government reported Friday that
real GDP growth rose by 5.0% for the third quarter of 2014, marking the
fastest growth in any quarter since 2003. The number was higher than
most analysts had predicted as growth was expected to be robust by
closer to 4% due to initial estimates last month setting the growth
at 3.9%. Increased consumer and business spending were the key factors
leading to the higher number.
With a second straight quarter of rapid growth, the
conventional logic thrown about from conservatives that President
Obama’s policies are destroying the economy and the Affordable Care Act is the “nation’s number one job killer” looks downright silly. In fact, one of the major drivers in the fast growth is
the fact that health-care spending has increased, showing that more
people who now have insurance are able to utilize health services. This,
in turn, also creates job growth in that industry.
This is just the latest in a string of good economic
news for this current administration. Currently, the unemployment rate
is at 5.9%, and job growth is at its strongest level since the Clinton
Administration. Low gas prices are allowing consumers to spend more
money elsewhere. While wages aren’t rising as fast as they should, they
are finally moving up. Overall, Obama’s economy is humming along and is
actually an improvement over the campaign promises from Mitt Romney in
2012.
On Friday, Steve Benen of The Maddow Blog discussed the issue Republicans will now face in attempting to criticize the economy and this administration.
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