According to the Financial Times Friday the U.S. GDP growth is the fastest in six years. That is very good news. Not surprisingly, President Obama casually mentioned this during his appearance before the Republican Congressional Caucus in Baltimore today. No one in the audience followed up with a question about this good news, as you might imagine.Commentators also indicated that, as inventories go down, employers will have to start hiring workers to replenish stocks of depleted goods. The recovery may then begin to be characterized by a drop in unemployment, that stubborn "lagging indicator." Thus, the calls by Republicans for tax cuts, less government, fewer regulations and other conservative measures will fall increasingly on deaf ears as the Obama administration's policies and programs are more successful in turning this recession around. Most experts do not expect this to happen this year, however. Neither does this writer expect there to be any significant change in the relationship of President Obama to the Republicans, despite today's unusual meeting of the President and the Party of No. I also predict that the opposition party will think twice about having any such subsequent meetings with the President feature an open mike during the question and answer period. They did not fare well up against this superbly prepared and feisty young president.
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