Obama Economic Policies May Worsen a Weak Economy
Economic Growth Slowed at the End of 2014
(Washington, D.C.) – Today the Department of Commerce reported that the nation’s Gross Domestic Product grew at a rate of 2.6 percent in the fourth quarter of 2014 – a significant drop from 5 percent rate of growth in the previous quarter, and below expectations. Wage growth barely kept up with Inflation , signaling continued challenges for millions of Americans struggling to get ahead. In light of the continuing weak economy, it’s troubling that the fiscal proposals recently put forth by the president do so little to help working families. In fact, a new study by the liberal Tax Policy Center finds that half of middle-income earners will see a tax increase that averages nearly $300 under the president’s tax plans. Millions will also be forced to pay the new penalty for failing to purchase health insurance.
Furthermore, the White House will soon put forward the president’s proposed Budget for 2016. The Budget will break the bipartisan spending caps enacted into law just a few years ago as part of a package to authorize trillions in new borrowing. The plan would increase spending $75 billion over the limit, despite the CBO’s recent finding that the annual federal Deficit will soon start climbing again.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
“Despite the failure of the ‘stimulus’ bill, and the ongoing problems with health care reform, the president continues to propose new ways for Washington to manage the economy through more spending. More than six years into the Obama economy, middle-income families are no better off financially. Policies focused on more Regulation , more mandates, and more meddling from government won’t make this economy grow better. Elected officials need to curb spending – not blow through spending caps. They must limit Regulation , reduce the Deficit and keep Taxes low. Those are the reforms that will enable investors, entrepreneurs, and workers to spur real private sector growth.”