The news today that the second quarter of 2010 saw only a one percent drop in GDP, after the worst quarter in many years during the first few months of this year, gives early signs that economic revival hopefully is around the corner.
While unemployment continues to rise, and there are many other problems for the economy short term, at least the precipitous drop in GDP has been overcome, based on figures just released. Also, the rapid rise of the stock market from a low of 6700 to about 10,200 now is an encouraging sign.
No one can expect a quick recovery, and it will take at least through much o f 2010 before we can be sure that the economy is back in better health. There is no doubt that the economic revival or lack of it over the next year will determine the future of the congressional strength of the Democrats. But then, that was obvious from the beginning, as the most important issue to many Americans is always their economic status. At least, we cannot say that the Obama Administration sat on the sidelines and waited for revival. They have been aggressive in pursuing an economic strategy of intervention as the only way to promote the revival of the economy from the Great Recession we have been in now for 19 months, since December 2007.
Let us hope for their success!