GDP +5.7%. What Was That You Were Saying, Eric Cantor?

Friday, January 29, 2010

Despite not-the-brightest-bulb Eric Cantor's best efforts to talk down the economy (and repeatedly claim that the stimulus wasn't working, even though almost every independent economist said it was working), the economy is indeed growing.
The United States economy grew at its fastest pace in over six years at the end of 2009, but a sluggish job market is still souring economists on the sustainability of the recovery.

Gross domestic product expanded at an annual rate of 5.7 percent in the fourth quarter, well above analysts’ expectations. It had grown at an annualized rate of 2.2 percent in the previous quarter. Analysts had forecast annualized growth of 4.8 percent in the quarter, and the better-than-expected result sent stocks higher when trading opened on Wall Street.
For a detailed analysis of what this means for jobs, click here. Obviously, we still have a ways to go, but the bottom line is that in just 1 year, Democrats came in with their "mop" and have made a great start on cleaning up the mess left by Bush and the Republicans. Maybe Eric Cantor should stop flapping his gums and start mopping?