Rep. Kevin Brady, Chairman of the congressional Joint Economic Committee responded to today’s report by the Bureau of Economic Analysis (BEA) that real gross domestic product increased at an annual rate of 4.0% during the 2nd-quarter 2014.
“Given the poor results of the last quarter, today’s report is worth applauding, but the reality is that the worst economic recovery of President Obama’s lifetime continues to be his own.”
“Economic growth essentially flat-lined during the first half of this year. Today’s report of 4.0% growth during the quarter is once again below the average annualized growth rate of other post-1960 recoveries. In fact, in only two quarters over five years has the Obama recovery produced growth that exceeded the average of other recoveries,” Brady said.
“Because of the Obama recovery’s substandard growth, our economy has a hole in it bigger than the size of the Mexican, Spanish or Australian economies. We’ve got a private sector jobs gap of nearly 5.8 million—that’s greater than the number of unemployed workers in 44 states and DC. Incomes are stagnant, robbing a family of four of more than $1,100 a month in after-tax income,” Brady noted.
“America can do better. We don’t have to, and I won’t, accept this as the new normal. Instead of trying to build a Berlin Wall around business, we need to encourage investment and job creation in the private sector. Government isn’t the answer, it’s the problem. It’s time for President Obama and Democrats in Congress to join Republicans in hitting the reset button on the President’s economic policies. Our country needs a Reagan reset that puts faith in the American people and the free enterprise system, not the federal government,” Brady concluded.