Right from the day Obama administration took charge, they have been only getting more and more bad news. First it was the forced spending of nearly one trillion of taxpayer’s money to save the failing big companies in the banking and insurance sector.
Then it was the continuing housing crisis which forced the Obama administration to work out a special scheme costing billions of dollars to bail out the housing sector. That was followed by the automobile biggies tumbling one after the other due to the crash in automobile sales.
All these things pushed down the popularity rating of Obama and team to all time low last month.
Now after a gap of nearly nine months since taking charge, the first good news for Obama administration has come in a big way. The US GDP has grown by an unexpected 3.5% in July – September 2009 quarter, which is the first positive growth after being in negative growth for the last four quarters.
The Obama administration has sincerely taken full credit for the upswing in the GDP numbers, but has warned that the economic recovery is going to be slow and also a long drawn process. The administration will be releasing the October unemployment numbers next week, which might top 10% level as per experts. And that is not good news for Obama and team.
And that could really play a decisive role in defeating Obama candidates in the midterm elections.
First good news for Obama…US GDP grows by 3.5% in Q3
October - 30 - 2009 - Friday
