On Friday, July 27, 2012, the U.S. Department of Commerce's Bureau of Economic Analysis released a report showing that the United States' Gross Domestic Product (GDP) has slowed to an annual rate of 1.5 percent vs. a 3.5 percent rate in 2010.
"Today's dismal economic report provides us with further evidence that this administration's policies of more spending, more regulation and more government are moving our economy in the wrong direction," said Representative DesJarlais. "To make matters worse, it seems that President Obama is completely out of touch with the seriousness of our economic situation. In fact, at a recent campaign event the president had the audacity to state that his economic plan had actually worked. How can you define 41 straight months of unemployment above eight percent as a success? Clearly, we must change course. That is why my Republican colleagues and I continue to put forth real measures that will empower the private sector and help businesses grow and create badly needed jobs. Tennesseans know that the way out of economic uncertainty will be paved by small businesses -- not the federal government."