Paul Krugman tells us that yesterday's GDP growth could be a turning point for the economy -- or not. However, he notes, the growth comes almost entirely from consumer debt. I'm not sure that's so good.

If the growth continues, does it vindicate Bush's policies? Here's Krugman's answer:

To put it more bluntly: it would be quite a trick to run the biggest budget deficit in the history of the planet, and still end a presidential term with fewer jobs than when you started. And despite yesterday's good news, that's a trick President Bush still seems likely to pull off.