Representative Scott Perry issued the following statement today after the U.S. Department of Commerce announced that real GDP contracted by 0.1 percent in the fourth quarter of 2012. That was the economy's worst decline since the second quarter of 2009.
"Today's news is further proof that we must resolve our nation's fiscal crisis in a responsible manner," said U.S. Congressman Scott Perry (PA-4). "Until we restrain out-of-control spending and provide long-term economic stability, small businesses won't feel confident enough to re-invest in our economy again. This stagnant economic growth will continue to result in fewer jobs, prevent our efforts to put programs like Social Security and Medicare on strong financial footing and will add to the crushing debt burden we are piling up for our kids and grand-kids."