Paula Dwyer , Columnist

Will Obama's Economic Forecast Pan Out?

President Barack Obama says that the U.S. economy will do much better in 2014.

December 20, 2013 at 10:55 PM UTC

Paula Dwyer is a senior editor with the New York editing hub, focusing on daily and long-form enterprise. She was London bureau chief for Businessweek and Washington economics editor for the New York Times, and is a co-author of “Take on the Street: How to Fight for Your Financial Future.

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President Barack Obama played economist-in-chief at his news conference today, predicting that 2014 will be "a breakthrough year for America." He cited signs of improvement in housing, job creation and wages. Heck, the president said, there are almost 1 million enrollees in Obamacare now, which will help the economy grow, while also containing health-care costs.

Today's surprisingly strong gross domestic product figure -- it grew in the third quarter by a revised 4.1 percent, the fastest pace in almost two years -- underpins the president's optimism. Even the Federal Reserve seems to concur. This week, it began a long-awaited tapering of bond purchases, citing November's 7 percent unemployment figure, among other improving indicators.