Friday, January 28, 2011
US Economy Shows Robust Growth -- But Who Will Take Credit, Obama or GOP?
The Commerce Department released a report today showing the US Economy sped up it's growth rate in the last quarter of 2010 to 3.2%, up from 2.6%. As Americans felt comfortable buying again during the holiday season, and businesses are increasing funding for equipment and software, economists are hoping these numbers will be coupled with investments in new workers as well.
The real story, however, will be unraveling over the next few days. And that is, who will take credit for the strong growth rate? President Obama obviously has reason to claim his policies have turned the economy around, with hundreds of pieces of legislation promoting growth to prove his point. But, I would not at all be surprised if Republicans claim the growth is due to a boost in confidence from consumers and businesses, stemming from their recent victory in November.
I hope to bring more updates on this, as it could get really juicy.
NY Times: U.S. Economy Grew at 3.2% Rate in the 4th Quarter