GDP gets stimulus checks boost

WASHINGTON (Reuters) - Expansion accelerated modestly in the second quarter as government stimulus payments helped consumers add more buying punch to the economy, a Commerce Department report on Thursday showed.

Gross Domestic Product or GDP grew at a 1.9 percent annual rate, up from a revised 0.9 percent rate in the first quarter that previously was reported as 1 percent.

Economists surveyed by Reuters had expected a 2.0 percent rise in GDP in the second quarter.

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This is a band-aid on a gun wound. It is only delaying the inevitable crunch to come, and even then the delay was worse than expected.

Sometimes the statement “the worse the better” has some veracity. As for myself, I prefer the pain to occur when Bush is still in the White House. (At least in this case, it would not be so bad since the poor still have the safety nets of food stamps and Medicaid.)

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