Four Years Into Recovery, Economic Growth Remains Disappointing
Workers Need Washington to Focus on Private Sector Job Creation
(Washington, D.C.) – Today, the Bureau of Economic Analysis released the advance estimate of economic growth from April through June of this year and the results are disappointing. Four years into the recovery, the estimate of Gross Domestic Product (GDP) for the second quarter of 2013 shows an economic growth rate of 1.7%. This is hardly good news, as economists suggest growth of about 3% is needed to create enough jobs to reduce unemployment. In addition, the estimate for first quarter growth was revised down from 1.8% to 1.1%. These mediocre numbers suggest that while the economy continues to grow slowly, this Administration's fiscal policies continue to significantly curtail private sector job growth. Despite concerning reports by the non-partisan Congressional Budget Office (CBO) that adding to the national debt would impede recovery, Washington is set on continuing its reckless spending habits.
Daniel Garza, Executive Director of The LIBRE Initiative released the following statement:
"It is clear that presidential speeches that tout big government policies, including higher taxes, Obamacare and excessive regulation, are failing Americans. Today's report says the economy is growing – but not fast enough to help the millions who are out of work, the recent graduates who can't find jobs, or the small business owners who cannot expand, and instead worry if they will be able to stay afloat. Since the official end of the recession four years ago, President Obama's policies have grown the national debt to $17 trillion and median family income has actually fallen by 4.4 percent. Washington-centric policies aren't helping. And instead of trying something new, the President is offering a 'Grand Bargain' that stubbornly relies on tax increases to fund more government. American workers deserve better. It's time that Washington step aside and let the nation's innovators and entrepreneurs do their job to improve the economy."