The State of Our Economy – The GDP Report

What is the current state of our economy? President Obama talks about the state of our economy and the positive signs from the GDP report. On July 30, 2009 the GDP report came out. The GDP stands for Gross Domestic Product and it measures the overall economic performance. On the GDP report were some positive signs that our economy maybe recovering. In the first few months of 2009 the GDP report showed that the economy was in a deep recession. However, on the bright side the GDP report shows that some recovery has taken place. President Obama calls this recovery — “better than expected”. Some experts are saying the recovery shown on the GDP report is directly attributable to the Recovery Act and Stimulus Bills.

What Did the Recovery Act and Stimulus Bills Do :

• Helped to slow down the recession
• Provided for people to remain in their homes
• Bailout the credit markets
• Provided tax cuts
• Extended unemployment benefits
• Provided loans to states in trouble
• Investments into green technology

The monthly jobs report is due out next week. President Obama, predicts it was show a continuing lose of jobs. However, job growth usually follows a favorable GDP report. Therefore the President and other experts believe we are headed in the right direction — toward recovery.

This Economic Storm Will Pass – President Obama Video

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