Household spending and business fixed investment advanced, and the housing sector has strengthened further, but fiscal policy is restraining economic growth.
It confirms that housing is once again at the heart of the debate about economicpolicy, just as it was for many decades when parties competed to promise they'd build more homes.
The macro economic condition that set up the crisis stemmed in part from policy choices: the Federal Reserve ignored the housing bubble and kept short-term interest rates too low for too long.
The line-up this year: Credit and housing markets, export growth, health care, tax policy, infrastructure, alternative energy and improving economic statistics.