Remind us again, what did you promise us would happen after the stimulus bill?
(Politico) — The White House chose to focus on the positive when it comes to GDP estimates released Friday.
The estimates found economic growth slowed to 1.5 percent last quarter – down from 2 percent the previous quarter and 4.1 percent in the fourth quarter of 2011 — but the chairman of President Obama’s Council of Economic Advisers said that at least it’s still growing.
“Today’s report shows that the economy posted its twelfth straight quarter of positive growth,” Alan B. Krueger wrote in a statement. “Over the last three years, the economy has expanded by 6.7 percent overall, and the private components of GDP have grown by 9.9 percent.”
Krueger did say that more needs to be done. “While the economy continues to move in the right direction, additional growth is needed to replace the jobs lost in the deep recession that began at the end of 2007.”