The U.S. economy grew at a 2 percent annual rate in the third quarter. The slight improvement was the result of more consumer and federal government spending. Consumer spending improved from a 1.5 percent rate to 2 percent annual rate.
Despite the modest increase, economic growth remains too weak to advance hiring.
This report is the last before Americans vote for president eleven days from now.
Mitt Romney has consistently criticized Barack Obama’s economic record, correctly noting that the pace of growth has slowed over the past two years. This year’s 1.74 percent annual growth rate lags behind last year’s 1.8 percent growth.
Hoping to boost his image and enhance his chances at re-election, look for the Obama campaign to use the pickup in growth as evidence that the economy is improving.
When convenient to building his image in the minds of his followers, Obama and his loyal bastion in the openly biased American news media love to compare him to President Ronald Reagan.
As a result of Reagan’s economic policies, at this point in his presidency the U.S. GDP was experiencing a growth rate of 7.2 percent.
That was a real recovery.
Since the current recovery started approximately three years ago, the American economy has grown at the slowest rate of any post-recession recovery since World War II.
Under new leadership, with the proper policies in place, America can do better than this.
America deserves better than this.