The economic news for the Biden administration keeps going from bad to worse. It’s now a growing possibility voters will head into the midterms with the economy in or near a recession.
WASHINGTON, D.C. -- In response to news that the US economy saw a 1.4 percent decline in Q1 2022 GDP growth, Adam Brandon, FreedomWorks President, commented:
Remember a few months back, when the so-called experts in the room warned us that the partial government shutdown would ruin the economy? Boy, were they wrong.
WASHINGTON, D.C. -- In response to this morning’s report from the Bureau of Economic Analysis that U.S. GDP grew 3.2% in Q1 2019, compared to an expected 2.1%, John Tamny, FreedomWorks Director of the Center for Economic Freedom, commented:
The Congressional Budget Office (CBO) released a report last month projecting an increase in the federal budget deficit relative to the gross domestic product (GDP) for the first time since 2009. The deficit for this year is now expected to be $590 billion. As a percentage of GDP, that is 3.2% compared to last year’s 2.5%. It is not good news when the deficit is growing faster than the economy, which is currently growing at 1.4%.
In the television drama, The West Wing, President Josiah Barlet, played by Martin Sheen, laments to his chief of staff, Leo McGarry, about the challenges of growing the economy. "Historically, 2 to 2.5 percent GDP expansion is classified lackluster even anemic economic growth," Bartlet said. "Four and a half to 5 percent is needed just to be considered robust and not even spectacular."
Following the release of a report that showed an anemic 0.7 percent economic growth in the fourth quarter of 2015, FreedomWorks Senior Economic Contributor Stephen Moore commented:
Americans know that there is a serious problem in the economy. Incomes are stagnant, and the employment situation is not improving in a meaningful way.