This morning, the Commerce Department released new gross domestic product (GDP) numbers showing that the economy shrunk just 1 percent in the second quarter of the year, which was better than economists had predicted:
Today’s better-than-expected news that the GDP has swung more than 5 percentage points in just three months is dramatic evidence that the economy is headed in the right direction. We still have a long way to go, as millions of Americans remain unemployed and small businesses from coast to coast are suffering. But economic growth is the first step to creating jobs, and with the right economic policies, we are making progress toward recovery.
President Obama has laid out three pillars to the new foundation we are building for our economy: quality, affordable health care, clean American energy, and an educational system that strengthens our economic competitiveness. With both the short-term and long-term approach, we can rebuild a stronger America.