Rep. Kevin Brady (R-TX), Chairman of the Joint Economic Committee commented on today’s announcement that real gross domestic product (GDP) increased at an annualized rate of 0.1% during the 1st-quarter of this year. “More than just bad weather is to blame for the negligible economic growth in the 1st-quarter of this year. Both non-residential fixed investment and residential fixed investment declined; and the change in real private inventories subtracted more than a half percentage point from the real GDP growth rate,” Brady said.
“Families on Main Street continue to suffer because of the President’s ideologically driven anti-growth agenda that has stymied job creation and income growth. The only people doing well in this recovery are those who have benefited from the Federal Reserve’s continued monetary morphine that has juiced profits on Wall Street, while family incomes have stagnated. The time has long passed for the federal government to get out of the way and let America get back to work,” Brady added.
“We have a real GDP growth gap that exceeds $1.2 trillion compared to the average of other post-1960 recoveries; a private-sector job creation gap of 5.6 million jobs; and a personal income growth gap that has a family of four missing nearly $1,100 per month.”
“Instead of passing the buck, the President and Senate Democrats need to step up to the plate, take responsibility and work with Republicans to help middle-class families on Main Street instead standing with liberal special interest groups, like those opposing the Keystone XL pipeline.”