That hissing and thud you heard just now was the hot air leaving conservatives’ mouths as they dropped the floor in shock. Despite telling us how terrible President Obama’s economic policies are for the country, the second quarter of 2013 saw a sharp increase in the growth of our gross domestic product, or GDP.
Experts had predicted second quarter growth would limp along again at an anemic 1% clip, but the data actually shows a much higher 1.7% growth rate — nearly double — and that will surely have the right-wingers scrambling for explanations. I expect to hear shouts of “cooked books” and screams of “he’s printing money!” It’s just like in 1998 when the economy was starting to recover, but Newt and the Republicans didn’t want to face the music so they focused on President Clinton’s sexual alliances instead.
Granted, 1.7% is still nearly half a percentage point lower than we need it to be at a minimum, but as always under the Obama Administration, you have to wonder what our economy would like if the Tea Party hadn’t yanked the hand brake on our recovery by practicing obstructionism for the last three years or so. They like to cry about the stimulus not doing anything, but the fact is that when Obama took office the GDP was plunging downward at an alarming rate because the economy was in a total free fall. Just look at this chart below, and note that Obama took office in 2009, and from around that time, when the stimulus was passed, you can see that the economy has grown slowly but steadily since.
That massive dip is The Great Recession. The massive bend upward is the result of all the efforts of Obama’s first term — saving GM, passing the stimulus, adjusting student loan rates. All of that work, all of that slow and painful work was done without raising taxes on the top earners. All of that was done before we cut over two trillion dollars from our deficit. All of that was before we posted a recordJune budget surplus last month. Yes it’s true that we still have one hell of a long way to go, and that the jobs that are being added aren’t full-time jobs for the most part, but just this year we have made those strides that should further bolster our jobs growth.