U.S. Sees Little Growth and Falling Consumer Confidence
(Washington, D.C.) – According to a report from the Commerce Department, the U.S. economy grew at a sluggish rate of just 1.2 percent in the second quarter of the year, well below the 2.5 percent that analysts had expected. Growth has not topped 1.2 percent over the past three quarters – making this theslowest period of growth since 2009. The report includes a downward revision of the first quarter growth rate, to just 0.8 percent. Business investments in capital such as machinery and buildings fell by 2.2 percent – the third consecutive quarter of decline
Jorge Lima, Vice President of Operations and Policy for The LIBRE Initiative, released the following statement:
“Despite the President’s claims of a full recovery from the Great Recession, the economy continues to grow at a glacial pace. Even after adding trillions of dollars to the national debt, millions of families are suffering stagnant wages, underemployment, or job loss. We cannot accept this as the new normal. Americans deserve a change of course.
The American people are tired of this administration’s failed policies and burdensome regulations. Wages are stagnant, workers are dropping out of the labor force, and Hispanic millennial unemployment in particular hovers around 8 percent. Increased government spending and regulation has not led to a strong and vibrant economy. Instead, we have had year after year of slow growth, fewer business investments, and less consumer confidence. Limited government, free markets, and less burdensome regulations are the only way to get our economy back on track.”
For Interviews with a representative from The LIBRE Initiative, please contact Brian Faughnan, 703-678-4581