Thanks, Obama! Economy Surges Forward As GDP Growth Fastest In More Than A Decade

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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 5.8%, 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.

As we discussed a month ago, GOP lawmakers have invested enormous amounts of energy pushing a very specific case: the combination of the Affordable Care Act, federal regulations, Dodd-Frank reforms, and higher taxes approved last year are a brutal “wet blanket” on economic growth. It’s all proof, they claim, that President Obama’s economic agenda has been a disaster for the country.

And in light of the recent jobs boom and the strongest economic growth in 11 years, the Republican talking points are starting to look a little silly.

Before we move on, let’s also note, in case GOP officials try to suggest there’s a connection between their election and the growth surge, the third quarter economic report points to data that ended in September – before anyone knew what the election results would be.

I’m also trying to imagine what the political world’s conversation would look like right now if we were in the second year of the Romney presidency. One can only assume there would be parades organized in the Republican hero’s honor and “Mitt” would suddenly become a popular name in conservative households.

That is really the thing. We know conservatives just cannot bear the thought of giving POTUS any credit for anything, especially when it comes to the economy. However, if this were all happening under President Romney, he would be lauded as a hero who brought the country from the brink of disaster. Meanwhile, while Obama is overseeing a strong economic growth and truly has brought the country from the brink of financial and economic disaster, we’ll continue to see Republican lawmakers and right-wing pundits harshly criticize him for his “terrible” handling of the economy.

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22 Replies to “Thanks, Obama! Economy Surges Forward As GDP Growth Fastest In More Than A Decade”

  1. Now to really boost the economy the President should do this and he doesn’t even need the teahadist permission

    Raising Overtime Pay Is Easier Than You Think
    And according to a recent Gallup poll, that’s exactly what’s happening. Salaried Americans now report working an average of 47 hours a week–18 percent report working more than 60 hours per week. If it feels like you’re working more hours for less money than your parents did a generation ago, it’s probably because you are.

    But it doesn’t have to be this way: President Obama could raise the overtime threshold to $69,000–enough to cover the same 65 percent of salaried workers that it covered 40 years ago–and with no prior congressional approval. Because unlike the minimum wage, the overtime threshold is set through the Department of Labor’s existing regulatory authority.
    http://www.huffingtonpost.com/bob-cesca/obama-overtime-pay_b_6368044.html

  2. Expect House and Senate republicans to focus their energies on making sure those productivity gains go straight to the top, with only scorn and disdain for the middle class Americans making this robust recovery possible.

  3. Don’t worry…the history books will point out and record all of these Obama successes in the face of Rabid Republican, Conservative, Right Wing, Tea Party OBSTRUCTION! What and how far would the country would have progressed WITH Republican’s help and input? Most likely, way ahead by now…with more startling results, where they could have claimed part of the successes. But, guess what? They will be on the WRONG side of history when all is said and done, and when the dust clears…Obama will emerge as the winner. The Republicans will have to contend with being the driving force behind the WORST Congress (two) EVER. SHAME on THEM! What can they gloat about? NOTHING! The wall of shame will have their names etched in stone for EVER. With Mitch McConnel and Boehner at the top followed by:____________(insert your most infamous Congressman/Republican Senators).

  4. When I say anything to any of the Republicans I know about the economy or jobs they look at me like I’m from another planet. They have either totally blocked out any good news, or they only listen to right-wing propaganda. I am totally disgusted with the press and what seems to be a majority of the people in this country. Ignorant people listening to liars and con-men. I’m sorry but the human race is not that intelligent overall.

  5. Ok talking to the ppl who live in realty. Let’s take a tally:
    GDP grow @ 5% (fastest since 2003)
    Dow 18,000 (1st in Amer. history)
    UE under 6% (57 straight mos job growth, 1st in Amer. history)
    No.#1 in Oil Producer
    No.#1 in Nat’l Gas Producer
    Trade deficit drop to $43.4B in Oct (5yr low)
    US solar capacity up 2000% (since the stimulus)
    Oil imports @ 5yr low
    Btw Nov 15 > Dec 19 6.4M ppl either renew/newly sign-up for Obamacare
    Consumer confident ^ 93.4%
    Auto loan paid in full w/ taxpayers profit $15B+

    vs. Repuke Economic record? How come the GOP/MSM never ask?

  6. They will try:

    1. liberal lies
    2. Unemployment still high
    3. try to ignore it
    4. cooked the books

    I’ll answer #2 now
    The vast majority don’t want a job, and for good reason. For instance, the 92.6 million figures include 36 million Americans of retirement age — 65 and older — 17 million of whom were 75 and older. It also includes 11 million teenagers — age 16 to 19 — many of whom aren’t looking for jobs. It includes 6.8 million 20- to 24-year-olds, some of whom are in college. Those not in the labor force would also include millions of stay-at-home parents, early retirees and anyone else who didn’t need or want to work. BLS’ breakdown of those not in the labor force shows that only 6.6 percent of them — or 6 million people — want a job. They are about evenly divided among those who haven’t looked for employment in the past year, and those who have searched for work in the past year but not in the past four weeks. The rest of those not in the labor force — mor…

  7. I read this Vanity Fair article today:
    Ronny began his crusade as governor of California ’67-’75…BTW, we’re are still recovering.

    “The Irony and the Ecstasy”
    Every serious G.O.P. presidential aspirant invokes the glorious era of Ronald Reagan, to which the country must return. Ignore the fact that, for the likes of Paul Ryan and Rand Paul, Reagan’s actual record—from increased bureaucracy to higher deficits—should be seen as a complete failure.

    http://www.vanityfair.com/politics/2015/01/ronald-reagan-policy-political-failure

  8. Andy on a related note: A couple of years ago there was a 10 point tea party ‘purity’ questionnaire, and it was determined, rather easily, that St. Ronald of Regan would’ve failed 8 of the 10.

  9. The Drudge zombies were all over the business sites trying to pour cold water on the excellent economic data we got yesterday. I don’t need to explain what their comments said as it was the usual Drudge speak.

  10. I also don’t give presidents either credit or blame for the economy. Except for unconstitutionally creating or continuing wars without paying for them, presidents don’t do taxing and spending.

  11. Happily our current president has not
    1. unconstitutionally created any wars
    2. continued wars without paying for them

    You should be happy

  12. OK. Half of these are not good. Being the number one oil and gas producer is killing people’s health and the environment not to mention increasing global warming. The Dow being the highest it has ever been only affects about 17% of Americans who even have enough money to buy stocks. The GDP is a meaningless statistic to anyone other than economists. People are concerned about whether they are employed and can make a living wage. The are more people unemployed, underemployed or without regular hours. And the vast majority of people are making the same wages they made 35 years ago. Obamacare did nothing for the vast majority of people who have health care who cannot afford the double digit annual premium increases. Most medically caused bankruptcies affect people who have health insurance.

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