Iowa Congressman Tom Latham released the following statement today after the Bureau of Economic Analysis (BEA) revised its second-quarter Gross Domestic Product (GDP) estimate down to 1.3 percent from its previous estimate of 1.7 percent. This quarterly rate of economic growth has not been lower since the first quarter of 2011, and it is the second straight quarter of slowing GDP growth. GDP growth was 4.1 percent in the fourth quarter of 2011 and 2.0 percent in the first quarter of 2012.
"Our economy is slowing down, and the President's failed policies are to blame," Congressman Latham said. "We do not need any more evidence that overspending, overregulating and overtaxing leads to underwhelming economic growth. It's long past due that Washington put into place policies that free the private sector from the government's stranglehold. Enterprising citizens in Iowa and all across this great country can put us back to work and get this economy moving again -- if only Washington would let them do it."