BFD: "Incompetent" Black Man Leads US Economy to Solid, Sustained Growth

While John Boehner's Republican House is preparing to sue the President for doing his job, and the mainstream media's Left side is busy agreeing with Fox about how incompetent the black President is, the results of this President Obama's hard work insist on... happening: The economy grew at a strong 4% rate in the second quarter of 2014, outpacing analyst estimates by almost a full point.

The U.S. economy’s better-than-expected expansion in the second quarter fueled optimism that growth was back on an upward trajectory, allaying fears that the recovery might have been derailed during a sharp winter slowdown.

“An inflection point in the economy may have been reached,” said Sung Won Sohn, an economist at Cal State Channel Islands. “Finally, it looks like the economy is on a sustained growth path.

The news that is even more encouraging than the topline GDP growth number is where it came from: consumer spending, business investment, and exports. Consumer spending growth doubled since the first quarter, business investment growth grew by more than a factor of 3, and exports saw a near-20-point swing.

The economy was boosted this spring by a jump in consumer spending, which rose 2.5%, compared with 1.2% in the first quarter, the Commerce Department said.

Business investment surged 5.5% in the second quarter after a 1.6% increase the previous quarter. Exports jumped 9.5% in the second quarter after decreasing 9.2% in the first quarter.

The reason these particular numbers are so encouraging is that they all point to strong jobs growth. In an economy that is 2/3rds consumer spending, growth in that area is the predominant factor in creating demand, and therefore, jobs. This in turn drives business investments - these aren't merely profits but actual capital investments made by businesses, which businesses only do when they are about to or currently expanding production - which means they will likely hire in the near future. Exports is the final indication in this chain - along with consumer spending, it means that what our businesses are making is actually selling.

But didn't this quarter's growth just offset the first quarter's decline? Actually, it more than made up for it, but it is crucial to remember that the first quarter decline was not a result of policy but of a bitterly cold winter, which was likely the result of the recent extreme weather patterns caused by climate change. That was not only the opinion of economists, it was also borne out by the fact that jobs growth did not slide during that period.

Just so that you can be sure that I'm not just a happy clappy Obamabot taking everything as a sign of more jobs, analysts are expecting July to have created more than 200,000 jobs, marking sixth straight month of 200,000+ job additions, the first time that has happened since 1997.

So, a quick recap. The economy is growing at a solid 4% rate. High levels of jobs growth is the most sustained since the good ol' 90s. And economists are finally referring to this point in the Obama recovery as an 'inflection point' that turns the page from a jittery economy to a sustained growth path.

We have come here in less than six short years after the greatest economic calamity this country has ever seen, save for one. We have arrived here not only without creating a war bubble but while actually deflating the war bubble by ending wars. We have come here while withering devastating obstructionism from one of the country's two major political parties. We have come here despite the media-Republican complex's best efforts to break the economy so that they could hurt the President.

This is because while nearly everyone else has been busy trying to generate clicks, the President has worked day and night to generate jobs. This is because while the media has been busy looking for poutrage, this president has used his blood, sweat and tears to look for solutions. This is because while an entire political party has been dedicated to destroying his presidency, this president has dedicated himself to rebuilding our country. This is because while the political and media establishments have focused their eyes on the ups and downs of meaningless polls, this president and his team have kept laser focus on lifting our economy.

But fear not. There will still be plenty of screeching from the rabid Right and the whiny Left about how the black man in the White House can do nothing right.



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