(Washington, D.C.) – Today the Commerce Department released data on economic growth in the United States for 2013. In the last quarter of the year – covering the months of October through December – the economy grew at a rate of 3.2 percent – a decline from 4.1 percent in the 3 previous months. For the entire year the economy grew at a rate of just 1.9 percent – which also indicates a decline from 2.8 percent in 2012. This may be a temporary downturn – but taken together with the disappointing December jobs data, and more recent reports that durable goods orders plummeted at the end of 2013, it appears that the U.S. economy may be slowing.
Daniel Garza, Executive Director of The LIBRE Initiative released the following statement:
"This week the President delivered his State of the Union address, and talked about going around Congress to focus on smaller initiatives that can be accomplished without bipartisan agreement. He needs to pay more attention to the millions of Americans who are suffering from an awful economy – an economy that this Administration claims is growing due to their policies. The fact is, household incomes have actually continued falling during this 'recovery' – by nearly 5 percent over the last 4-and-a-half years. It is time for a changed agenda – one that does not rely on more regulation, more taxes and more government. It's time to unleash the vast capacities of the American private sector and give entrepreneurs the opportunity to innovate, create jobs, and spur growth. They can do it, if Washington will simply get out of their way."