Press Release - Economy Slows to a Crawl in Third Quarter of 2006

Economy Slows to a Crawl in Third Quarter of 2006
"President's economic happy talk is betrayed by the facts," says JEC's senior House Dem

WASHINGTON, DC - The U.S. economy cooled off even further during the third quarter of 2006, with the Gross Domestic Product growing at only a 1.6 percent annual rate. This falls short of predictions and is even slower than the 2.6 percent GDP growth from the previous quarter.

Rep. Carolyn Maloney (NY-14), the Joint Economic Committee's senior House Democrat, said today that today's economic snapshot from the Department of Commerce belies President Bush's rhetoric characterizing a roaring economy. She released the following statement:

"Once again, the Bush economy is going in the wrong direction. An economic recovery that never benefited working Americans in the first place now has slowed to a crawl. President Bush's economic happy talk is betrayed by the facts on the ground and the stats released today. Almost as soon as the rosy rhetoric was out of his mouth, this report damages his credibility. This is more evidence that you can't trust Bush economic policies to sustain strong economic growth, and you certainly can't trust them to benefit working Americans."

http://maloney.house.gov/index.php?option=com_content&task=view&id=1223&Itemid=61