The U.S. economy surged forward with 3.7 percent growth in the 2nd quarter of 2015, well outpacing other developed nations. The 3.7 growth rate reported by the U.S. Commerce Department was much better than the original estimate of 2.3 percent growth, and a significant improvement over the 1st quarter rate of 0.6 percent.
The good news out of the United States coincides with more sluggish growth in the rest of the developed world. Japan posted a more modest 1.6 percent growth rate in the 2nd quarter of 2015. The largest economies in Europe expanded at considerably weaker rates. United Kingdom’s economy grew by 0.7 percent, Germany’s grew by 0.4 percent and France’s economy stagnated at 0 percent growth over the same time frame.
While the recent short term dive in the DOW may have made consumers nervous, several economic indicators point to the improving health of the American economy. In addition to the improved growth rate, first time jobless claims dropped last week, and the unemployment rate is expected to stay at or below 5.3 percent.
While the president is not solely responsible for a nation’s economic health, Barack Obama has presided over 65 consecutive months of private sector job growth. 13 million new jobs have been added during his tenure in the White House.
If a Republican president were in office under similar conditions, pundits at Fox News and the GOP members of Congress would be shouting from the roof tops daily about how the “Republican savior” in the White House was making the economy hum along. They might even say the president was “making America great again”, to borrow a phrase from the Republican candidate currently leading in the presidential polls.
The bottom line is that while the economies of other developed nations are struggling to grow, the U.S. economy is moving forward at a healthy clip. Under President Obama, America’s economy is doing just fine.
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