WASHINGTON, D.C. – U.S. Senator Bob Casey (D-PA), Vice Chairman designate of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the announcement that GDP decreased at an annual rate of 0.1 percent in the fourth quarter of 2012:
“Today’s GDP number is a reminder of the continuing need to enact policies that encourage growth and create jobs. While 2012 saw progress on several fronts, including a reduction of the unemployment rate from 8.3 percent to 7.8 percent, the economy’s deceleration in the fourth quarter of last year shows that policies to help businesses create jobs and expand the economy continue to be necessary.
“The decline in exports underscores the importance of strengthening and enforcing trade laws and cracking down on unfair trade practices. I will continue to fight to level the playing field for American manufacturers. As we debate the nation’s fiscal path forward over the coming months, it is vital for Republicans and Democrats to come together to give American businesses and consumers confidence that we can create jobs and deal with the deficit in a responsible way.”