Recovery from the worst recession since the 1930s has begun as President Barack Obama’s fiscal stimulus — derided as insufficient and budget-busting months ago — takes effect, a survey of economists indicated.
The economy will expand 2 percent or more in four straight quarters through June, the first such streak in more than four years, according to the median of 53 forecasts in the monthly Bloomberg News survey. Analysts lifted their estimate for the third quarter by 1.2 percentage points compared with July, the biggest such boost in surveys dating from May 2003.
‘We’ve averted the worst, and there are clear signs the stimulus is working,’ said Kenneth Goldstein, an economist at the Conference Board in New York.
If it’s anything like the last time we had a Democratic president, we’re due for an Obama Boom. But even lacking that, cautious optimism and thanks we got the right man in the job.