Republicans have been saying for years how President Obama’s policies are going to ruin the US economy (Obamacare was supposed to kill the economy by itself–by the way, it’s doing pretty well), so how is the economy doing?
The US economy grew at a sizzling 5 percent annual rate in the July-September period, the fastest in more than a decade, on the strength of higher consumer spending and business investment.
The resurgence in growth last quarter provided the latest evidence that the US economy is steadily strengthening and outshining most others around the world.
When the US stock market opened for trading, the Dow Jones industrial average traded above 18,000 for the first time. In midmorning trading, the Dow was up 75 points to 18,035.
In its report Tuesday, the Commerce Department sharply revised up its estimate of third-quarter growth from a previous figure of 3.9 percent. Much of the increase came from consumer spending on health care and business spending on structures and computer software.
It was the fastest quarterly growth since the summer of 2003, and it followed a 4.6 percent annual growth rate in the April-June quarter.
Merry Christmas all.