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Economy Coming Back to Life

Friday, October 30, 2009

By Steve Benen
Washington Monthly

From Fall 2008 through Summer 2009, the nation's gross domestic product retreated. The four consecutive negative quarters was the longest since the government began keeping track six decades ago.

It comes as something of a relief, then, to see the U.S. economy come back to life in the third quarter of 2009 -- spanning July, August, and September -- with GDP growth at 3.5%. It was the strongest quarterly economic performance in two years, and it came "without a major surge in inflation." The three-quarter swing of 9.9% was the largest in three decades.

Despite conservative opposition to economic recovery efforts, the growth in the U.S. economy was "fueled largely by government recovery programs," including the now-expired cash-for-clunkers program and the tax credit for first-time home buyers. The AP report added, "Brisk spending by the federal government played into the third-quarter turnaround."...(Remainder.)



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