So this … this … is hope and change.
This week, the Commerce Department released its first-quarter estimate for GDP growth. The news was about as dismal as it gets: 0.1 percent, down from 2.6 percent last quarter. In other words, economic growth in the first three months of 2014 was barely discernable, if at all. It’s also the second-worst quarterly performance since the supposed end of the recession in mid-2009.
There are a number of factors that go into producing and assessing the GDP growth rate. The first three months of 2014 saw particularly harsh weather throughout the entire country; we know that has at least some impact on the economy.
The Federal Reserve has been withdrawing its economic stimulus with the expectation that growth can rebound on its own. But that doesn’t hide the fact that after five years of an Obama presidency, all we have to show for it is a measly 0.1 percent GDP.
Administration officials can spin the numbers all they want, but 0.1 percent reflects the despair a lot of Americans are feeling right now. Health care costs are rising despite the promises of Obamacare. Meanwhile, employers are cutting hours in an effort to cope with the mandate. Moreover, regulatory uncertainty is making it harder for business and consumers to justify injecting their hard-earned money into the economy.
Seriously. How on earth can America see economic growth when 50 million of us are on food stamps?
At the same time, other news reports are saying China could overtake the U.S. as the world’s leading economy. This is all happening with Obama’s economic policies.
Despite all the caveats being offered by administration officials this week, there’s no getting around the fact that our economy seems to be stuck. And while it’s stuck, other countries, like China, are moving ahead without us.
We at Tea Party Patriots believe that only free-market policies will get the economy moving again, providing you the opportunity to get a good paying job and offering you and your family the best chances for prolonged success. Washington needs to stop bombarding businesses with costly regulations, and then demand that they hire more and pay more.
We want all Americans to succeed, but first the federal government needs to stop acting like it has all the answers. When Washington gets out of the way, we all will flourish.
- 1- Leubsdorf, Ben and Morath, Eric. U.S. Economy Starts Year With a Whimper. http://online.wsj.com 30 April 2014.
- 2- China Set to Overtake U.S. as Biggest Economy in PPP Measure. http://www.bloomberg.com 30 April 2014.