Today, House Ways and Means Committee Chairman Kevin Brady (R-TX) issued the following statement after the U.S. Bureau of Economic Analysis released its report on Gross Domestic Product (GDP) in the fourth quarter of 2016.
“Today’s GDP report rounds out another year of disappointingly slow economic growth. As a result of President Obama’s higher taxes, bigger government, and one-size-fits-all regulations, our economy has grown by less than 2 percent annually—an abysmal rate that marks the worst economic recovery since World War II.
“Fortunately, we have a new President who shares House Republicans’ commitment to reviving this slow-growing economy and improving the lives of all Americans. One week into his presidency, President Trump is already taking steps to create jobs and ensure American workers and businesses can compete and win around the world, but especially here at home. I’m excited and optimistic to work with our new Administration on delivering pro-growth solutions that fix our broken tax code, strengthen America’s competitiveness, and unleash our full economic potential.”
NOTE: Real GDP increased at an annual rate of 1.9 percent in the fourth quarter of 2016. Over the past year, real GDP grew by 1.6 percent and by an average of 1.8 percent over the last eight years.