I often contrast the current US economy under Obama as a parable of a single person.
Imagine a twenty-something who decides to go on a binge. He borrows $20,000 a year to augment his $40,000 a year salary and buys cars, swimming pools, etc. To the casual observer, he looks like he's doing well... lots of toys, stocks going up, definately the good life...
... except for the 6-figure debt he has run up after a few years, with no way to pay it off.
Similarly the U.S. is seeing sluggish, yet still modestly positive GDP growth. It's coming ONLY because of massive money printing by Obama's pal Ben Bernanke (the fed's balance sheet now exceeds $3 trillion!) and $Trillion dollar deficits by Obama himself (A massive $5 trillion increase in the National debt since Obma took office). Of COURSE the economy looks "OK"... the U.S. is that 20-something I mentioned above... living life large on our Kid's credit card and an increasingly de-based currency.
What we REALLY need is "investment" in the U.S., but anybody who can read the headlines knows that corporations are hoarding capital overseas to protect it from Obama's highest-on-the-planet corporate tax rate... and Billionaires are taking their capital to more tax-friendly countries. U.S. capital spending hit a 50-year low last year and although it has picked up so far this year, business is NOT spending to expand their operations... only to replace worn-out equipment and optimize the capacity that they have.
Why is the stock market doing well? Simple. Anybody who is earning 1.9% interest on a 10-year treasury that's being held to an artificially-low yield by Bernanke's "QE3" money-printing adventure has to go SOMEWHERE to earn a better return. U.S. companies ARE earning record profits... but not by expanding in Obama's America. Rather, they are optimizing what they have in the U.S. and only producing what a sluggish U.S. economy can afford to buy from them. Anything they earn overseas is kept over there.