...at least the New York Times is thrilled:
The American economy grew last quarter at its fastest rate in more than a decade, providing the strongest evidence to date that the recovery is finally gaining sustained power more than five years after it began.Bolstered by robust spending among consumers and businesses alike, economic output rose at an annual rate of 5 percent during the summer months, the Commerce Department said Tuesday, a sharp revision from its earlier estimate of 3.9 percent. The advance followed a second quarter where growth reached a rate of 4.6 percent after a decline last winter that was exacerbated by particularly harsh weather.
5% growth following 4.6% growth is pretty solid to be sur. In the view of the New York Times it no doubt proves that progressive, Keynesian Obama policy has worked. A bit late for them probably but successful nonetheless.
Here's the problem. On the heels of a dismal non-recovery for 5 years, it's to be expected. It's the least the economy should be doing at this point. Suffice it to say, I'm not impressed.
The additional caveat is that perhaps these are not the final revisions. I wouldn't be surprised if there is another revision in the future. And with the Congress controlled by the GOP, legislation will not continue to stand in the way of recovery any longer. At least if the president doesn't veto everything that gets sent his way.