A couple of weeks ago Nobel economics laureate and New York Times columnist Paul Krugman wrote in his column that the Obama administration had missed the only opportunity it would get to right the economy. The stimulus package had been too small to accomplish the task, wrote Krugman, and the president had spent his political capital on it and now had no more to spend on a needed supplement.

Last Friday the Commerce Department released its quarterly report on the economy. For the fourth quarter growth was at a yearly rate of 5.7%. That is very, very good news for Americans and credit should go to the president and his economic plan.