What’s generating the growth? A huge factor has been the fall in energy costs. As crude slid from $105 a barrel last summer to closer to $70 by September, the cost of oil imports tumbled. A decline in imports contributed 0.16 percentage point to GDP.
Moreover, as fuel costs fall, U.S. exports rise because U.S.-made goods become more cost competitive.
With prices lower now in this quarter, the good news story rolls on. Thank you, fracking.
Businesses are clearly feeling less fearful about investing, and some of the Obama anti-business, anti-shareholder agenda has dissipated as the Republican Congress repels the worst ideas — cap and trade, minimum-wage hikes, new energy taxes and massive new spending initiatives out of Washington.
Gridlock now looks to be built into the political system for the next two years. In many ways, that’s reassuring.
Gee, right-wingers are funny.
For the last six years they (the IBD very much included) have been screaming
OBAMA"S WRECKING THE ECONOMY!!!
(Actually, I should have done that Tigerman-style with 12 inch caps and rainbow colors to get the full emotional force in)
Massive hyperinflation!! Plunging US dollar!! Collapsing stockmarkets!! Trillion-dollar deficits as far as the eye can see!! Calamitous unemployment (not that they actually care)!! Exploding national debt!! Soaring interest rates as bond markets reject Obama policies!! Buy GOLDDD!!!
OBAMA IS DESTROYING AMERICA!!! :fume: :fume: :fume: ( a little fred smith there)
OH, wait- none of that happened? Everything we have continuously, hysterically been predicting for the last six years was totally wrong? Everything the other guys said was right?
Gee, Republicans have been doing great all along!