April 30th, 2010
12:10 PM ET
12 years ago

Obama: Economy 'in a much better place'

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2010/images/04/30/art.obama.0430a.gi.jpg caption=" President Obama said Friday that the economy is ‘in a much better place than one year ago.’"]Washington (CNN) - President Barack Obama welcomed the new economic growth figures issued Friday, saying "our economy as a whole is in a much better place than one year ago."

The U.S. economy grew at an annual rate of 3.2 percent in the first quarter of 2010, according to the Commerce Department. It was the third straight quarter of growth.

"The economy that shrank for four quarters in a row has grown for three quarters in a row," Obama said at the White House. "The economy that was losing jobs a year ago is creating jobs today."

The rate of expansion was down from the 5.6 percent growth rate in the fourth quarter of 2009, and slightly below economists' forecasts for a 3.3 percent increase. The fact that the economy has now expanded for three consecutive quarters, however, confirmed the view of many economists that the recession that started in December 2007 ended at some point in the middle of last year.

By some measures, the latest report shows more substantial growth than the fourth quarter. In the fourth quarter, most of the growth was due to businesses no longer making the deep cuts in inventories that they had made early in 2009, when they were concerned about a sharp fall-off in demand. But the rise in consumer spending was fairly modest in the fourth quarter, increasing at only a 1.6 percent annual rate.

This time inventories made only a modest contribution to growth, but spending by households grew at a 3.6 percent annual rate, and accounted for the overwhelming bulk of the improvement in the economy.

- CNN's Chris Isidore and Alan Silverleib contributed to this report

Filed under: Economy • Popular Posts • President Obama
soundoff (218 Responses)
  1. zotquix

    This is great news. Of course Republicans live in bizarro world and say things are bad when they're getting better, and when they're going down in flames they say "the economy is fundamentally sound".

    April 30, 2010 04:47 pm at 4:47 pm |
  2. Linda

    To all you haters please READ the article. President Obama did not make up these figures. The stats are from the Commerce Department. And futhermore economists all agree. The economy has improved. Now live with it!!!!!!!!!!!!!

    April 30, 2010 04:47 pm at 4:47 pm |
  3. Matt

    Ben you are just a hater to be hateful. Take a less from Jesus and Reagan, become a Liberal. You will live longer and be happier.

    Ben April 30th, 2010 4:27 pm ET

    1) He HATES this country
    Because He is working on making the American Dream Possible for Everyone, or Because he Used a Republican Idea on Healthcare Reform?

    2) He's taking us further and further doen the path to Socialism
    By using Repubican IDEAS IE Healthcare. Any other examples?

    3) He's the most inexperianced president EVER. Any time he walks into a room he's the most inexperianced person there. He's never run a business, never had to meet a payroll, never had to make tough decisions about spending and job cuts.

    He never ran a company (or more ) into the ground like our last President.
    Correction he has made tough descions everyday as a Senator.

    4) His sham of a healthcare reform bill is the WORST single piece of legislation in history that will not reduce costs or improve the quality of care.

    Do you forget Prohabition? How about Jim Crow Laws? Slavery? GWB Tax Cuts? This no where near the top of the worst list.

    5) His cabinet is full of people who simply aren't quialified for their positions, are tax evaders and cheats, and who have promoted sex between men and boys.

    Unlike any other cabinet? Brownie is doin a great job!

    Need I go on?

    April 30, 2010 04:48 pm at 4:48 pm |
  4. katiec

    I cannot believe the ignorance of these people expecting what took eight years to create be resolved overnight. Added to that, you have their party obstructing anything and everything regardless of the benefits to the American people and our country, all for the sake of winning at any cost. They support a party that has totally lost their way, thrown all integrity down the drain with their sewer tactics, lies, hate, fear mongering.
    It is obvious the Limbaugh, Beck, Fox followers as they spew the same venom, untruths as their radical idols.

    April 30, 2010 04:48 pm at 4:48 pm |
  5. BecomeInformed

    Turnabout is Fair Play – Aside from the typical ignorant lie you just told of "LIBERALS" bring about this disaster when it was clearly the chimp known as Bush who did this, your obvious hatred and stupidity as well as your thinly veiled racism are showing.. you should reconsider who you are addressing in these blogs fool.
    Who is ignorant? It is obvious from your lack of research and understanding as to who "created this disaster", that you are nothing more than a parrot repeating left wing rhetoric. Maybe you should try reading, if you can, "The Housing Boom and Bust" by Sowell. It may enlighten you as to who or where the responsibility falls. Try the "CRA" passed in 1977 under Carter for starts. Then move onto Clinton and the removal of the "Glass/Stegall" act. Again under Clinton, banks were forced, under threat of Congress, to give loans to bad risk individuals. Next, under Clinton, try the "Enron Loophole" that deregulated the N.Y. Merchantile Exchange, which trades oil, electricity, gold .... . Next, we can move to Fannie and Freddie. Next, under Bush was the removal of the uptick rule for short sellers. Next, under Bush they tried to regulate Fannie and Freddie, to get a handle on this loan disaster, but Dodd and Frank blocked it. Also, your hero, dumbo was right in the middle of ACORN. So, the individual that you are reponding to and calling ignorant is correct when he/she states that "the libertards that brought about this disaster are all running for reelection". Polly want a cracker? So again I ask, Who is the ignorant one here? Maybe, just maybe, before you call someone else out, you should have your facts straight, or try having any facts at all. But maybe this is to difficult for you. Since, like the lame stream media, blaming it on someone else and labeling someone as racist is your way of winning an argument.

    April 30, 2010 04:48 pm at 4:48 pm |
  6. addon

    Ben, you sir have a real problem...both mentally and politically.

    You can complain that Obama is inexperienced, has never run a company etc. But his predecessor ran several companies, most of them in the ground. And he brought that experience to the WH for all of America to enjoy.

    I would take Obama's appoach any day. And Thank heavens the majority of Americans are smart and do not ascribe to your thought patterns. If that were the case, Mickey Mouse would be president today

    April 30, 2010 04:51 pm at 4:51 pm |
  7. hal

    Really? Really?! My taxes, groceries, electricity, gas are going up- I don't see how the economy is getting better!!

    April 30, 2010 04:53 pm at 4:53 pm |
  8. lB Colorado

    From his view the economy is great. From the view from the street not so much. I hate to think that we have put another liar in office, but that is what we have done to add the "whole" bunch that were already there. I hate the political arena. You can't believe anything that any of them say, except for Joe Biden – he basically calls it like he sees them – no respect for the office or the people.

    April 30, 2010 04:55 pm at 4:55 pm |
  9. GeorgeVT

    The Glass-Steagel act was not "repealed" by Clinton as a lot of folks on the right like to claim, it was repealed by a GOP congress. The President CANNOT repeal a law, only congress can. True, the president has to sign the repeal legislation, but the GOP had the votes to override it and the left got what it wanted in the repeal. The legislation that repealed the law was introduced by a GOP senator and a GOP congressman.

    April 30, 2010 04:56 pm at 4:56 pm |
  10. Liberalism is a mental disorder

    Vic of New York – thanks for your help VIC – you proved my point that liberalism is a mental disorder with your dillusional post, as usual. YOU do not own or I would bet even manage a business...you are someone that takes from the owners and complains that they are not giving you enough of your entitlements instead of being appreciative that they have given you a job. You are an ungrateful libtard that thinks you are owed something by someone esle rather than you actually having to earn it.

    YOu didn't "refute" anything....all you did was try to go on the personal attacks, other than you one point regarding the tax cuts but the fact is that the IRS stats do not support your argument. But most libs never let the facts get in the way of your argument.

    This time, why don't you actually try to refute some to the facts that I posted....like why is Unemployment still at nearly 10% after 2 trillion dollars.....why are Unemployment taxes going up all over the country? (hint – BHO irresponsibly extending unemployment benefits 4 times....he increased taxes on most people with HC and will increase taxes on ALL people when he allows the 01-03 tax cuts to exxpire which were tax cuts FOR ALL – decreased every rate bracket, eliminated the marriage penalty, increased the Earned income tax credit (FOR POOR ONLY) and decreased the Capital Gains tax (which HELPS EVEYRONE). So try to refute something this time around!

    April 30, 2010 04:57 pm at 4:57 pm |
  11. Liberalism is a mental disorder

    Mikey – Oh mikey – thank you....You are also in denial – I said stimulus and jobs bills – the stimulus estimate was increased by the CBO to over 850 billion (AND THAT IS BEFORE INTEREST)...add that in and it is well over one trillion dollars....he has passed (WHat?) 3 jobs bills now for how much....ok so maybe it is just over $1.5 trillion but much closer to 2 trillion dollars than your pathetic estimate.


    April 30, 2010 05:01 pm at 5:01 pm |
  12. ritewingman

    Wow. Wall Street sure was impressed with the "growth" – Down 160 points today.
    Of course when the Dow went up yesterday, CNN couldn't wait to trumpet the "further evidence of Obama's policies working" but now when it drops past where it even started yesterday. Well, that's news that isn't fit to print.

    April 30, 2010 05:02 pm at 5:02 pm |
  13. Ben

    Matt – Put the crack pipe down, buddy. You must be smoking some pretty strong stuff.

    "Correction he has made tough descions everyday as a Senator."

    Which one of the 140+ days he was actually in the Senate did he make a tough decision? Exactly which one of those times he voted "Present" was he making a tough decision? Sorry, pal. Your clueless.

    "Do you forget Prohabition? How about Jim Crow Laws? Slavery? GWB Tax Cuts? This no where near the top of the worst list. "

    Then you haven't done your homework. And what was your problem with the Bush tax cuts? Oh, I know, you're a typical Liberal who thinks people aren't entitled to keep more of what they earn. You would gladly take from those who produce and give to those who don't, by force if necessary I'm sure. Forgive me if I don't stand up and applaud.

    Get it straight. My opposition to this administration doesn't make me a hater. It just means I have my eyes wide open. Get a clue.

    April 30, 2010 05:04 pm at 5:04 pm |
  14. Marc

    Henry Miller, Libertarian – That's not the point. Of course that, to a Libertarian or a Conservative, a Liberal way of govern is not what should be happening as of now. Don't the same happens when a Conservative gets in the POTUS office?
    What I said is that, lately, YOU have been sounding as a Tea Partier (aka no real substance to back up claims and arguments, just hot air).
    Some of the people on this blog are, like always, repeating their 'NO-NO-NO-and-NO!!!' point of view.
    You used to have ARGUMENTS to back up what you say.

    April 30, 2010 05:04 pm at 5:04 pm |
  15. Oh Well

    Republicans are just mad that the economy is getting better while a black man is running the country.

    April 30, 2010 05:08 pm at 5:08 pm |
  16. Liberalism is a mental disorder

    katiec – states "I cannot believe the ignorance of these people expecting what took eight years to create be resolved overnight. " and then goes on to talk about "They support a party that has totally lost their way, thrown all integrity down the drain with their sewer tactics, lies, hate, fear mongering. It is obvious the Limbaugh, Beck, Fox followers as they spew the same venom, untruths as their radical idols." AS SHE SPEWS PARTY LINE RHETORIC AND VITRIOLE like "last 8 years"...

    Hate to break it to you but the majority of the "last 8 years" there was an excellent economy even after the CLinton recession and tech bubble bursting, the clinton accounting scandals like enron, wcom and tyco and 9/11 – 52 straight months of economic growth (a record), low unemployment, low inflation, the stock market nearly doubled to an all time record of aver 14,100.....but don't ever let facts get in the way of your argument....

    And the cause of the downturn took decades to cause but the majority of it can be traced to the expansion of the CRA in 1993. That expansion of the CRA (which allowed the HUD to force Freddie and Fannie to hold nearly 50% of their assets as subprime mortgages) is what led to the downturn (well that and the expansion of the entitlement mentality and irresponsible homeowners living outside their means that is)!

    April 30, 2010 05:09 pm at 5:09 pm |
  17. Ben

    Vic – "The true fact is that genetic research has discovered that "Conservatism" LITERALLY IS a genetic predisposition (like being gay – only at the opposite pole)."

    No it isn't. And any Liberal idiot who says otherwise is lying to you.

    And it's "delusion", not "dilution". Learn how to spell.

    April 30, 2010 05:10 pm at 5:10 pm |
  18. Marc

    All presidents make mistakes and end up signing a few laws or policies that should not have been allowed to get into everybody's everyday lives.
    Name a President that did not did such a thing, perhaps not even George Washington had a spotless clean record on that matter.
    To say that the current POTUS' policies DO NOT HAVE influenced the economy and thus the depression/big recession that some economists were prophesizing at the beggining of his term...
    To say that the economy DOES NOT HAVE improved ever since he begun his term (even if we consider that he warned that the recession he had inherited from GWB would last for a while before the recovery started)...
    IS a definition for 'denial'.

    April 30, 2010 05:13 pm at 5:13 pm |
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