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One Step Forward, Two Steps Back

Chairman Brady responds to the Economic Report of the President

Mar 19 2013

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Rep. Kevin Brady (R-TX), Chairman of the Joint Economic Committee, said the following about the annual Economic Report of the President, released today by the Council of Economic Advisers: “The good news is that the Economic Report takes one step forward by acknowledging the ‘Growth Gap’ between this and other recoveries. Unfortunately, the report takes two steps back by once again seeking to shift the blame for the economy’s anemic performance to others. This is also the latest that the report, required by law, has been submitted to the Joint Economic Committee in the report’s 67 year history.”

“This year’s Report finally acknowledges that the current recovery is the weakest since 1960," Brady said. "Moreover, the report concedes the potential growth rate for the U.S. economy has also slowed."

“The President needs to look in the mirror and recognize that his policies: ObamaCare, Dodd-Frank, anti-energy development, the growing burden of regulations on businesses, and his never ending pursuit of higher taxes have put a restrictor plate on the U.S. economy.”

“It is true that since private sector jobs bottomed in February 2010, 6.4 million jobs have been created. Unfortunately, that’s the equivalent of 4.1 million fewer private sector jobs created on average in other post-World War II recoveries lasting longer than a year. And since February 2010, the number of people added to food stamps is 8.2 million, 1.8 million more than the number of jobs created.”

“This president has four more years on his contract with the people. Now is the time for him to put partisanship and trendy slogans aside and show real economic leadership. Together, we can devise bipartisan strategies that can produce the economic growth we need to close the growth gap. I, for one, stand ready to put everything else aside to achieve that. I call upon the president to do the same."

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