The Bureau of Economic Analysis (BEA) today revised downwards its estimate of 2nd Quarter gross domestic product (GDP). BEA estimates that real GDP increased at an annual rate of 1.3% during the 2nd quarter, down 0.4 percentage points from its previous estimate.
Rep. Kevin Brady (R-TX), Vice Chairman and top Republican on the Joint Economic Committee, called today's poor economic news "further confirmation" that President Obama's policies are preventing the economy from growing. "Two weeks ago the Federal Reserve issued what amounts to a stinging rebuke of the President's policies when it expanded its program of quantitative easing. Today's news just further confirms Obama's continued policy failure."
"Since the recession ended in June 2009, the economy has grown at less than half the rate of the other nine recoveries since World War II lasting more than a year. Obama's recovery ranks dead last," Brady continued.
"If the President's policies had produced just an average recovery," Brady noted, "total real GDP would have would have increased by 15.2% and would be now be $1.1 trillion higher -- a level roughly equal to CBO's estimate of full employment GDP."
"Main Street cannot continue to endure this President's policies that grow government, stifle innovation, and slow job creation. We must get America moving again. We must get government out of the way and restore economic opportunity for every American family," Brady said.