Posted on 12/29/2014 7:18:46 AM PST by SeekAndFind
It only took six years, but we’re finally starting to see the U.S. economy kick into gear. This isn’t a story of government-directed growth, but the opposite — Washington’s role in the economy starting to shrink after years of Obama administration activism. The private sector is starting to take over.
Let’s start with the positive news. Economic output soared in the third quarter at a rate of 5 percent. That comes on top of 4.6 percent growth in the second quarter. It appears that the U.S. economy has clawed out of its anemic 2 percent growth rut of the past five years and that we are now shifted into a higher gear with 3 percent-plus as the new normal.
The growth was propelled by a big rise in business investment, up nearly 9 percent, personal consumption up 3.2 percent and exports up 4.5 percent. Government spending, which is a negative for the economy, grew by 4.4 percent thanks to a big rise in military spending, but domestic spending is still restrained. The news was so good that even the threat that the Federal Reserve will now have an excuse to raise interest rates couldn’t deter the bulls on Wall Street.
What’s generating the growth? A huge factor has been the fall in energy costs.
(Excerpt) Read more at washingtontimes.com ...
Huzzah!
Soetoro is working on undoing this.
And if you believe that...
Zerohedge nailed the reason for the "5% surge" in the third quarter: nobamacare.
Bravo !!!
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