Another Indicator of a Tumbling Economy
(Washington D.C.) – The U.S. Department of Commerce announced today that the gross domestic product (GDP) decreased at an annual rate of 0.2 percent for the first quarter of 2015. This third estimate of the first quarter GDP is less of a decrease than previously estimated, but still signals a contracting economy. According to the report, the decrease reflected negative contributions from exports, nonresidential fixed investment, and state and local government spending. The GDP report also showed after-tax corporate profits was revised to show an 8.85 percent decline.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
“Millions of business owners around the U.S. long ago realized that in order to keep afloat during the recession and the “˜recovery’ period they needed to adapt. They needed to change their business practices and establish a plan that worked with a challenging reality.
But this same entrepreneurial spirit has not been mimicked by the Obama administration. Instead of recognizing the difficult economic climate and adapting – prioritizing growth, job creation, and expanded opportunity – the president has stuck with his inflexible, ideological approach. As a result, the economy is contracting 6 years into a recovery rather than growing, and millions continue to worry about how they will pay their bills, or meet payroll. It’s up to lawmakers to begin to scale back burdensome regulations that he imposed – costing us around $80 billion every year – and give workers and entrepreneurs room to drive growth and prosperity for this nation.”