Another Sign of Economic Progress

On Friday, the Bureau of Economic Analysis released the advance estimate of GDP for the final quarter of 2010. Council of Economic Advisers Chair Austan Goolsbee:

Today's report shows that the growth rate of the economy continued to increase in the final quarter of 2010, a further sign that the economy continues to gain momentum as it recovers from the worst recession since the Great Depression. Real GDP, the total amount of goods and services produced in the country, grew at a 3.2 percent annual rate in the fourth quarter of last year, the sixth straight quarter of positive growth. For 2010 as a whole, GDP rose 2.9 percent, the fastest since 2005 and a dramatic reversal compared with the -2.6 percent rate in 2009.

As Mr. Goolsbee notes, this marks the sixth straight quarter of economic growth:

According to the Hill, House Republicans are once again attempting to take credit for positive economic news:

A statement on House Majority Leader Eric Cantor's website said GDP is on the rise in part because of the new House Republican majority, which has "pledged to rein in the size and scope of our federal government which has exploded over the last 4 years."

In fact, House Republicans have spent the last two years opposing economic recovery initiatives to create jobs and bring the economy out of the recession.

Democrats have said every effort will be judged by whether it creates jobs, strengthens the middle class, and reduces the deficit. But after being in charge for four weeks, Republicans have focused on anything but creating jobs and credibly reducing the deficit. Democrats stand ready to work with Republicans to meet Americans' top priority, but we are still waiting.