The President’s Failed Policies Result in the Slowest Recovery in 70 Years
Today, the Bureau of Economic Data (BEA) released its updated estimates for gross domestic product (GDP) which showed that the economy grew by an anemic 1.3 percent in the second quarter of 2012, down from 2 percent in the year’s first quarter.
Economic growth estimates were significantly lower than previously estimated for the second quarter (1.7 percent) and 1.3 percent growth matches the slowest economic quarter since 2009.
Economic growth has slowed for two consecutive quarters as a result of the president’s failed policies.
Under the disastrous economic policies of President Obama, economic growth has never been weaker in a post World War II recovery.
As the Time Magazine pointed out last month when GDP growth was thought to be higher, “Growth at or below 2 percent is not enough to lower the unemployment rate, which was 8.3 percent in July. Most expect the unemployment rate to stay above 8 percent for the rest of this year.”
Sadly, the news of slower growth is consistent with pessimism expressed by small business owners and CEOs just yesterday.
The news of feeble economic growth comes just a week after CBO released a report saying that pending tax increases and arbitrary spending cuts would send the U.S. economy into another economic recession and drive the unemployment rate above 9 percent by the end of 2013. Only House Republicans have acted to stop the next recession while Democrats call for more job-destroying tax increases.
In 2009, after the passage of the Democrats’ failed $1.2 trillion “stimulus,” the president erroneously predicted that GDP growth in 2012 would average 4.6 percent. So far this year, it has averaged 1.6 percent.
Growth Weakens Dramatically in the Obama Economy - GOP.gov
