Federal Reserve, Census Bureau Warn of Poor Economy
Household Income Below 2007 Levels
(Washington, DC) – This week the U.S. Federal Reserve again lowered its estimates for future economic growth. While the Fed had previously projected that the U.S. economy would grow at a rate of 2.7 percent in 2016, the revised estimate is for just 2.2 percent. Federal Reserve Chair Yellen noted that while there had previously been signs of faster earnings growth in the U.S., recent reports were less encouraging. In fact the Census Bureau reported this week that more than 46 million Americans are living in poverty. And while nearly 3 million more people worked full time in 2014 than the year before, median household income was 6.5 percent lower than in 2007.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
“American workers and American families deserve better than the self-serving rhetoric they’re getting from Washington. Too many of our elected officials are pretending that the economy is healthy, and even pushing to break bipartisan federal spending caps, which would grow our deficit and debt even faster. This hurts long-term economic growth and raises the burden of debt we are passing down to our children and grandchildren.
Millions of Americans are feeling the pain of a slow economy, stagnant wages, bigger government, and greater debt. They understand it is time for a renewed focus on these very real problems. What Washington is doing just isn’t working. It’s time to try a new approach – one that isn’t centered on greater government control and more costly mandates. It’s time to acknowledge and address a struggling economy that is leaving too many behind.”