Growth Agenda Needed After New Estimates
(Washington, D.C.) – According to a new survey of leading economists, the economy will grow much more slowly in 2014 than previously expected. That slower growth will translate into fewer jobs, lower wages, and reduced savings for hard-pressed working families. This has real and troubling ramifications for Latinos in particular – who tend to have lower wages than others.
In early 2014, economic experts anticipated a growth rate of 2.7 percent. In the wake of a terrible first quarter – in which the economy contracted by nearly 3 percent – a new survey shows growth of just 1.6 percent is expected for the year. Such slow growth contrasts sharply with that of China, which is already on pace to become the largest economy in the world this year.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
"The United States faces many challenges in the years ahead – both domestic and foreign. If these dismal growth projections materialize as this study indicates, millions of Americans will needlessly suffer from a failed economic policy in which only Washington flourishes from the unfettered printing of money, bureaucrats grow their power over the personal lives of the American people, and politicians squander the productivity and talents of our private sector with excessive taxation and regulations.
All of these can be addressed more effectively if our economy is healthy and growing, and American families are sharing in that prosperity. But what the administration is doing is simply not working. Instead, the White House should look to states such as Texas, North Dakota and others who are enjoying strong growth because they are developing their energy resources, limiting regulation and staying out of the way of private investment and production. That's a national model we must follow to ensure the rest of the United States prospers as well."