Published Sept. 26, 2014 on the blog
The U.S. economy expanded in the second quarter at its fastest pace since the end of the Great Recession, but many people continue to ignore a long string of good economic news. Why?
The economy grew much faster in the second quarter than previously reported. It expanded by 4.6 percent, up from the initial 4 percent estimate, which is the fastest pace during the recovery. And the growth is expected to show another expansion in the quarter than ends next week.
Read more here: "Business spending lifts second-quarter growth to 4.6%"
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This comes during a period in which we have created private-sector jobs for a record 54 consecutive months and just came off a six-month period during which at least 20,000 jobs were created every month, something that had not occurred since the Clinton-era boom. When the August numbers are revised, it’s possible we’ll find out that 200,000 monthly job gain was extended into a seventh month, with September being a possible eighth straight month.
During the same period, the Dow and S&P 500 breached new-record highs, the deficit continued to fall at the fastest pace since WWII and weekly jobless claims are now back near historical lows.
While wage growth since the worst recession since the Great Depression has not been as fast as we’d like, it, too, is beginning to show signs of improvement.
Of course, none of this matters, or I must just be mentioning it because I’m an “Obama cheerleader,” not that I’m an American, like others, who benefit when the economy does better. I’m supposed to focus only on the gloom and doom and be afraid of ISIS and upset with political gridlock.
I am supposed to do like so many others and highlight news when it is horrible, then forget about it when it turns positive. Remember the days when the deficit and lack of jobs and economic growth was all the rage? They were splashed across front pages daily and lead nightly newscasts and was the focus of constant drivel on cable news.
Remember when the Affordable Care Act’s primary website was awful and ailing and the string of stories, many of which were later to be discovered as bogus, about millions of Americans losing their health insurance because of scary Obamacare?
Yeah, me neither, because now that all of those things have turned around and the unemployment rate inches closer to full-employment and the uninsured rate has plummeted to all-time lows and the deficit is almost a trillion dollars less than it was in 2009, we should ignore them. Let’s talk ISIS and make sure we remain depressed.
We are Americans, remember. We love when things are bad, hate when they get better – especially if the positive change is occurring under a president we despise.