Washington, D.C. - U.S. growth is slowing dramatically, according to new figures released this morning by the Bureau of Economic Analysis (BEA). The U.S. economy grew at annual rate of 1.6% in the second quarter – down from an initial estimate of 2.4% and only one-third of the growth rate at the end of last year.
New home sales are at a record low, orders for all manufactured goods are down for the second month in a row, and there are fewer -- not more -- payroll jobs than when Congress enacted the Obama stimulus. “The truth of the matter is our economy is dangerously close to stalling out," said U.S. Congressman Kevin Brady (R-TX), the top House Republican on the Joint Economic Committee. "Today’s data is just another indicator – in contrast to the ‘Summer of Recovery’ – of Americans' declining confidence in our economy.”
Americans don't need another stimulus sales pitch, but they are asking for a commonsense plan to get the economy back on track. "Families and small businesspeople know that the Administration's highly hyped ‘recovery’ faded too quickly for them to benefit," added Brady. "They also know that government-led spending sprees do not add up to real economic recovery.”
