Instapundit blurb on GDP announcement: U.S. Economy Is Growing Once Again. But here’s a cautionary note: “But we don’t think that rate of growth is sustainable because it is distorted by all the government stimulus. The challenge here is to get organic growth – growth that isn’t helped by fiscal steroids.”
There was no "growth" in the economy. There was the government shoveling money out the door, which will have to be paid for later. In the mean time the "economic good news" is that things "are not bad as forecast" on unemployment, foreclosures, debt, housing, earnings, etc., etc.
What we basically have is a bubble being created by quantitative easing and government spending. When one or the other eases off all this magic GDP "growth" will stop.