On the heels of one poll claiming Obama was our worst president ever, and another saying Romney would win in a landslide if the election were held today, the U.S. economy has never looked better since the Great Recession.
Funny isn't it; if Romney were president, all of the successes below would be attributed to him and the confidence businesses had in his policies. This just proves how well the GOP's concentrated attack on Obama has been. Tell me now how big money doesn't influence politics. Bloomberg News:
Economy in U.S. Grows More Than Forecast: “The economy is looking pretty darned good,” said Stuart Hoffman, chief economist at PNC Financial Services Group Inc. in Pittsburgh.
Payrolls Rise: Companies added 218,000 workers to payrolls in July, exceeding the average for the year and showing improving demand is bolstering the job market, a private report showed today.
Business Investment: Corporate spending increased at a 5.9 percent annualized rate after being little changed in the first quarter, contributing 0.9 percentage point to growth … so-called final sales to domestic purchasers climbed at a 2.8 percent rate, the biggest increase since the third quarter of 2011.
And the reason for the above successes? Don't point to the mythical CEO “job creators.” It was consumer DEMAND:
The increase in household consumption, which accounts for almost 70 percent of the economy, exceeded the 1.9 percent median forecast of economists surveyed by Bloomberg and followed a 1.2 percent advance in the first three months of 2014.
Purchases of durable goods, including autos, furniture and appliances and recreational vehicles, jumped at a 14 percent annualized rate, the most since the third quarter of 2009, when the recovery began.