Some Good News for Just Folks in Obama Economy

An AP report today summarizing economic news kind of makes President Barack Obama seem like a populist after all. The stimulus package his administration cobbled together quickly earlier this year has had some good effects on regular Joes and Jills.

• Incomes are up as a direct consequence of the stimulus plan. People have more money on hand and are saving at the highest rate since December 1993 -- 6.9 percent.
• Consumer spending in May was up slightly, an encouraging sign because it accounts for 70 percent of total economic activity.
• The overall economy's contraction, measured by gross domestic product, slowed in the most recent quarter compared to the prior one (5.5 percent versus 6.3 percent, which was the worst in over fifty years).

And the AP's final bit of good news:

• "Economists believe that GDP will begin growing again in the second half of this year, signaling an end to the recession that began in December 2007."

But don't get us wrong. Despite the Democrat in the White House, happy days aren't here just yet. Retail is down, layoffs are up, and housing remains a disaster. We just find it worth noting that regular folks are getting some relief, and it didn't all go to Wall Street or Halliburton this time. There's some reason to hope.

A BUZZFLASH NEWS ALERT

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