U.S. Congressman Kevin Brady (R-TX), the top House Republican on the Joint Economic Committee issued the chimed in on today’s release by Bureau of Economic Analysis (BEA) that real GDP grew at annual rate of 2.2% during the fourth quarter of 2014, down 0.4 percentage point from the BEA’s first estimate on January 30th.
“This is disappointing news. Last week the Economic Report of the President touted that economic growth had accelerated to an average of 2.8% during 2013 and 2014. Today, Americans found out that growth was much slower—2.4% last year, only slightly above the 2.3% average growth rate over the Obama recovery.”
“The U.S. economy is firmly stuck in second gear, mired in the worst economic recovery in half a century. Without a real focus on growth more middle class families will see their paychecks remain flat while millions of college graduates search fruitlessly for a decent job.”
Brady says America needs a growth agenda—pro-growth tax reform, a right-sized government, balanced regulation, a sound dollar and more free trade.
Brady notes that the Obama recovery is still short $1.5 trillion in real GDP compared with the average of past recoveries over the last five decades.