Congressional leaders voiced disappointment on Thursday after the Bureau of Economic Analysis reported that the nation’s gross domestic product (GDP) grew just 1.2 percent in the second quarter.
Chairman of the House Ways and Means Committee Kevin Brady (R-TX) said that hardworking Americans have had to suffer through the worst economy since World War II over the last seven years.
“After last quarter’s disappointing GDP growth, this surprisingly weak quarter hardly inspires confidence that our economy will reach its full potential anytime soon,” Brady said. “It’s no wonder the White House had to downgrade its projections for economic growth over the coming decade.”
Americans deserve better, Brady added, which is why House Republicans have released their “A Better Way” policy agenda that outlines tax reforms that would promote economic growth.
“Our bold, innovative ideas will ensure our economy leads in the global market for the long term — unleashing job creation, increasing take-home pay, boosting investment, and improving lives,” Brady said. “That’s the growth Americans deserve and that’s the growth we will deliver.”
In addition to the GDP growing 1.2 percent in the second quarter, first quarter GDP growth has been revised to 0.8 percent from a previous estimate of 1.1 percent.
“Republicans know we can do better as a nation which is why we are offering a better way to solve these challenges, grow our economy, and deliver real results for the American people,” U.S. Rep. Tom Price (R-GA) said. “We have positive, concrete solutions that would deliver tax reform and regulatory relief for individuals, families, and job creators; patient-centered health care; a stronger national security; and a way out of poverty for our nation’s most vulnerable citizens. Unlike Democrats, Republicans will never accept a poor performing economy as the new normal. We will fight for solutions that empower more Americans and move our country in the right direction.”
U.S. Sens. John Thune (R-SD), the chairman of the Senate Republican Conference, and Dan Coats (R-IN), the chairman of the Joint Economic Committee, expressed disappointment in the GDP estimate.
“We’re disappointed to see that our economy is averaging only one percent growth so far this year,” the senators said. “These results show that the Democrats’ policies of overspending, overtaxing and over-regulating are simply not working. To reverse this trend, Senate Republicans will continue to pursue pro-growth legislation that reduces our debt, modernizes our tax code and removes unnecessary regulations. Painfully slow economic growth cannot become our new normal.”