Aug. 26, 2016, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement in response to the revised GDP numbers for the second quarter:
“Today we learned that the economy grew even slower than originally thought in the second quarter, dropping to an inflation-adjusted annualized 1.1 percent. That stinks. Combined with the really bad 0.8 percent in the first quarter, that means just to get to 2 percent for the year, the economy will need to grow above an annualized 3 percent for each of the last two quarters. To get to 3 percent for the year, it will need to grow at more than 5 percent for each of the last two quarters. Not going to happen.
“President Obama promised to turn the economy around after the financial crisis, and not only has he failed spectacularly, we are risking posting the worst economy on record — ever. Even worse from a growth perspective than the Great Depression given the past decade’s data. It’s that bad.
“The failure to hold Washington, D.C. accountable lays at the heart of the economy’s failure to turn around. All we’ve done is double the national debt in eight years to $20 trillion, taxing and regulating ourselves into oblivion and chasing even more business and the jobs they create overseas by making it even harder to produce things in America and turn a profit. The truth is, those looking overseas for growth opportunities are the smart ones, because if we have another four years like Obama’s past eight, you’d have to be an idiot to invest in America with this assault on growth by Washington, D.C.”
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