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The rate of growth for our country’s third-quarter Gross Domestic Product (GDP) was recently announced at 2%, bringing growth for the year to 1.77%. GDP growth for this quarter is even more disappointing when you factor in that 20% of that growth was due to increased government spending. Without government spending, the private sector only expanded by a paltry 1.6 %.
When Obama came to office our entire country was optimistic. Four years later, that optimism has faded as our economy continues to struggle with lackluster growth and 23 million Americans are out of work or are underemployed. The President promised us that his $787 billion stimulus would boost growth and create jobs. It failed. The President pushed through ObamaCare promising lower health costs and better health care. The impacts of ObamaCare have been detrimental: costs are rising and small businesses are worried about the full impacts of the law when it goes into effect in 2014. The President passed record spending bills, driving up our debt from $10 trillion to over $16 trillion today. The result of that spending is a bigger, more bloated government and a larger credit card bill that we cannot afford. The President has also proposed nearly 170 additional onerous regulations with an economic cost of over $100 million each. Four years later our country is suffering the consequences of the President’s misplaced priorities. Now the President wants to raise taxes.
The GDP numbers show that the President’s policies are not working and they are actually hurting our chances for a true recovery. House Republicans’ priority is to get Americans back to work and create an environment in which incomes will once again be on the rise. We have continually pushed, and passed, legislation that will create certainty for all Americans; unfortunately the President has been unwilling to work with us on those bills. The one thing we do know is that we cannot achieve those goals with 1.77% growth and our President is out of ideas.
Please take a moment to share your thoughts on the recent GDP numbers.
Sincerely,
KEN CALVERT
Member of Congress
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