Posted by | January 30, 2011 08:12 | Filed under: Top Stories

by Stuart Shapiro

I had my doubts about the new Republican majority but their recent discovery of time travel may get me on their side.  In an attempt to take credit for the 3.2% GDP growth in the 4th quarter, Majority Leader Cantor used the following rationale (h/t Steve Benen):

This morning, the GDP projection for the last quarter was released, showing a 3.2% growth for the fourth quarter and suggesting the economy will pick up speed this year. This uptick is no doubt due in part to the certainty that Washington has given the private sector through the recent tax deal and the newly elected House Republican Majority who have pledged to rein in the size and scope of our federal government which has exploded over the last 4 years.

The fourth quarter took place from October until December 2010.  The election was in November and the tax deal in mid-December.  Apparently Cantor went back and let businesses know all this would happen in early October, ensuring the robust growth.  Kudos to the Majority Leader.  Now if he could go back and undo the Iraq invasion, I would throw my support to him.

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Copyright 2011 Liberaland
By: Stuart Shapiro

Stuart is a professor and the Director of the Public Policy
program at the Bloustein School of Planning and Public Policy at Rutgers
University. He teaches economics and cost-benefit analysis and studies
regulation in the United States at both the federal and state levels.
Prior to coming to Rutgers, Stuart worked for five years at the Office
of Management and Budget in Washington under Presidents Clinton and
George W. Bush.