BusinessWeek & Newsweek Magazines Say President Obama has Restored America's Economy

BusinessWeek and Newsweek magazines say President Obama has restored America's economy, which should infuriate the right wing.

President Obama has received some favorable press for his efforts to jumpstart the economy. Newsweek and Business Week magazines both have riveting articles about how the president saved the economy. Of course, with unemployment and foreclosures still rising, though in lower numbers, many may scoff at the notion that the recession is over.  Here is an excerpt from the BusinessWeek article:

While President Obama's overall job approval rating has fallen to a new low of 44%, according to a CBS News Poll, down five points from late March, the judgment of the financial indexes has turned resoundingly positive. The Standard & Poor's 500-stock index is up more than 74% from its recessionary low in March 2009. Corporate bonds have been rallying for a year. Commodity prices have surged. International currency markets have been bullish on the dollar for months, raising it by almost 10% since Nov. 25 against a basket of six major currencies. Housing prices have stabilized. Mortgage rates are low. "We've had a phenomenal run in asset classes across the board," says Dan Greenhaus, chief economic strategist for Miller Tabak + Co., an institutional trading firm in New York. "If Obama was a Republican, we would hear a never-ending drumbeat of news stories about markets voting in favor of the President."

Little more than a year ago, financial markets were in turmoil, major auto companies were on the verge of collapse and economists such as Paul Krugman were worried about the U.S. slumbering through a Japan-like Lost Decade. While no one would claim that all the pain is past or the danger gone, the economy is growing again, jumping to a 5.6% annualized growth rate in the fourth quarter of 2009 as businesses finally restocked their inventories. The consensus view now calls for 3% growth this year, significantly higher than the 2.1 % estimate for 2010 that economists surveyed by Bloomberg News saw coming when Obama first moved into the Oval Office. The U.S. manufacturing sector has expanded for eight straight months, the Business Roundtable's measure of CEO optimism reached its highest level since early 2006, and in March the economy added 162,000 jobs—more than it had during any month in the past three years. "There is more business confidence out there," says Boeing (BA) CEO Jim McNerney. "This Administration deserves significant credit."

Please share your thoughts on this latest news that will certainly give the president a "pep in his step" and infuriate the Republicans, who have been the "party of no" on just about every issue he has proposed to jumpstart the economy. The reality is, many people don't believe the economy is on the road to improvement because unemployment and foreclosure rates remain very high, especially for blacks. It's hard for someone who's barely making ends meet to be optimistic about the BusinessWeek and Newsweek magazine reports.

Read more from BusinessWeek: Why the Obama Plan Is Working
Read the Newsweek article:  The Comeback Country