Annual Growth Remains Lackluster in the Obama Economy
WASHINGTON, D.C. — U.S. Sen. John Thune (R-S.D.), chairman of the Senate Republican Conference, and U.S. Sen. Dan Coats (R-Ind.), chairman of the Joint Economic Committee, today issued a joint statement regarding the Bureau of Economic Analysis’ newly released gross domestic product (GDP) estimate, which revealed that the U.S. economy grew at an annualized rate of 2.9 percent during the third quarter of 2016:
“While today’s GDP announcement finally indicates at least some improvement, we need a sustained period of robust growth to make up for the years of weak economic performance under the Obama administration. Lawmakers need a willing partner in the White House to work with us to update our tax code, reduce burdensome regulations, and rein in spending to truly strengthen our economy and create opportunities for American families and businesses.”
Real GDP grew at an annualized rate of 2.9 percent during the third quarter of 2016 and has not topped 3.0 percent quarterly growth in two years. During the typical post-1960 recovery, GDP growth averaged 3.7 percent, compared to the Obama recovery’s average of 2.1 percent growth. President Obama is the only U.S. president on record not to achieve at least one year of 3 percent GDP growth.