By US Daily Review Staff.
The Obama Administration was thrilled over the slight jump in GDP in the last quarter of 2011, but this was significantly less than what the financial markets expected. Meanwhile, leaders in the Republican party have not been impressed in the numbers.
Congressman Kevin Brady (R-TX) is the vice chairman and top Republican of the Join Economic Committee and he was eager to size up the numbers with the following statement.
“Today’s report from Bureau of Economic Analysis has some welcome news as the U.S. economy grew at its fastest rate in several quarters during the 4th-quarter of 2011. Unfortunately, most experts believe that this quicker pace of growth was a one-time catch-up from the disruptions caused by the Japanese earthquake and tsunami in April 2011.
“Even with today’s report that real GDP grew at an annual rate of 2.8% during the quarter, real GDP is only a scant 1.6% higher than it was just a year ago. Moreover, most private forecasters expect below trend growth of around 2.0% during 2012. Add to that the Federal Reserve’s weak outlook for the economy and one thing is clear – risks are heavily to the downside. America must do better.
“The economy simply isn’t expanding fast enough to generate a sufficient number of jobs to bring down the unemployment rate rapidly, and the policies of the Obama Administration — such as the rejection of the Keystone XL pipeline — continue to dampen growth. This Administration’s unwillingness to put job creation at the top of the agenda is unacceptable.
“It’s time this President understood that his economic policies are making the situation worse, not better. Instead of dividing Americans over their share of economic pie, the President should focus on making the pie bigger for hardworking taxpayers by changing course.”