This morning, financial media are reporting on the "stunning drop" in the U.S. economy, a sharp change that is "defying expectations" for slow, steady growth.
The latest Commerce Department statistics show the U.S. economy contracted by 0.1 percent in the fourth quarter, hurt by major cuts in defense spending and an anticipated slowdown in retail sales.
"Goldman Sachs has already warned that President Obama's recent tax increases will slow the economy for the first two quarters of 2013, which means our economy could contract even further," commented Congressman Robert Pittenger. "The Affordable Care Act will burden Americans with 19 new taxes costing almost $2 trillion, government regulations make it too hard for businesses to obtain the credit they need to create jobs, and our massive national debt threatens to overwhelm the economy.
"Clearly, Americans need hope and change. Hope that President Obama will finally realize his grand plans are only hurting the average American, and a change in government behavior, with an emphasis on fixing the government's spending problem. As an experienced businessman, my goal is to find common-sense solutions that will grow the economy, create jobs, and reduce our national debt."