America is riding a wave of economic resurgence, according to MSNBC. Twice in recent days, the White House has pointed towards recent economic trends, and even the headline of the White House’s homepage proudly announces that “America’s Resurgence is Real.”
The U.S. economy has been growing at an annual pace of about 5.0% in the third quarter; the last time it was this good was little over a decade ago, in 2003. The increase of real GPD increased as well, revised up from 3.9%, driven by consumer spending and business investment. Market analysts and economists expect this trend to continue; adjusting up as high as 4.4%. Consumer spending, the main source of economic activity, is also up to 3.2%, up from 2.2%.
All these fancy numbers do is confirm several things: the economy is getting better; a consumer-based economy improves when consumers have money (who would’ve thought); a real GPD growth at 3.9% is something to celebrate, but 5% — well, it might be worth popping the champagne corks early.
And this is just the third quarter. This was before the sudden drop in gas prices — there’s plenty of reason to think that the fourth quarter will be just as well.
The chart above shows the GDP figures by quarter since the recession began. Red columns are Bush, blue columns are the economy under Obama.
So what’s this mean for God’s Own Party? They’ve invested huge amounts of energy into pushing the case that a combination of the ACA, federal regulations, Dodd-Frank reforms, and higher taxes are brutalizing the economy. It’s all proof that President Obama, the Kenyan-Socialist-Marxist Usurper that he is, is out to get ‘Murka and tank our economy. They were aggressively pushing this lie like a crack-cocaine dealer from one of those 80s anti-drug PSAs pushing his drugs off on hapless suburban White kids.
I can tell you what this means: nothing. Zip. Zilch. Nada.
The Republicans will continue to push the lie that Obama destroyed the economy while taking credit for the third quarter resurgence themselves, despite the third quarter having ended in September. I say this with complete and total confidence, noting that this is if they even talk about it.
After all, facts aren’t their strong suit. These are the same people who blame Obama for Hurricane Katrina.