Economy: ‘In Great Shape?’

‘GDP Growth Slowed In 2011,’ But Dem Leadership Says ‘We Are In Great Shape’


ECONOMIST: ‘The Recovery Has Been Postponed, Again’

AP: “The Commerce Department said Friday that the economy grew just 1.7 percent last year, roughly half of the growth in 2010 and the worst since the recession. Most economists expect businesses to ease up on restocking in the first three months of the year. That should slow first-quarter growth. And consumers may cut back on spending if their wages continue to lag inflation.” (“Economy Grew Modest 2.8 Percent In Q4, As Consumers Spent More And Businesses Restocked,” The Associated Press, 1/27/12)

NATIONAL JOURNAL: “That's not great news for President Obama, who oversaw 3 percent GDP growth in 2010 and cannot use the latest GDP data to support a narrative of economic turnaround.” (“QUICK TAKE: GDP Growth Slowed In 2011,” National Journal, 1/27/12)


NEW YORK TIMES: “‘At this rate, we’ll never reduce unemployment,’ said Justin Wolfers, an economist at the University of Pennsylvania. ‘The recovery has been postponed, again.’” (“U.S. Recovery Slowly Gained Speed In Late ’11, Data Show,” The New York Times, 1/27/12)

WALL STREET JOURNAL: “… sluggish year in which the economy grew by 1.7%, slower than the 3.0% growth in 2010.” (“U.S. GDP Rises 2.8%,” The Wall Street Journal, 1/27/12)

BLOOMBERG: “The median forecast of 79 economists surveyed by Bloomberg News called for a 3 percent increase. Excluding a jump in inventories, growth was 0.8 percent.” (“U.S. Economy Grows 2.8%, Less Than Forecast,” Bloomberg, 1/27/12)


SEN. SCHUMER: ‘We Think We Are In Great Shape. We Are In Good Shape’

SEN. CHUCK SCHUMER (D-NY): “The Republican speaker last night, Mitch Daniels, talked about Americans must talk about the state of the union as grave. So, we think we are in great shape. We are in good shape.” (Sen. Schumer, Press Conference, 1/25/12)