New GDP numbers reveal another period of sluggish growth amid the worst recovery in 60 years
WASHINGTON — 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 United States Joint Economic Committee, today issued a joint statement in response to new numbers revealing yet another quarter of sluggish growth for the American economy.
The U.S. Bureau of Economic Analysis today announced that our nation’s gross domestic product (GDP) grew by only 0.5 percent during the first quarter of 2016.
“The American people deserve better than what the sluggish Obama recovery is delivering. During the first three months of 2016, our economy grew by just 0.5 percent, which simply isn’t enough to improve opportunities for middle-class Americans who feel they can’t get ahead. President Obama has continued to make big promises and insist his policies are working, but his rhetoric does not match the reality that many are experiencing.
“The deluge of burdensome mandates and regulations during the Obama administration stands in stark contrast to the pro-growth agenda of the Republican Senate, which remains focused on policies that promote job growth and create better opportunities for Americans,” said Sens. Thune and Coats.
Here are the facts of the Obama economy:
- Real GDP grew at an annual rate of only 0.5 percent in the first quarter of 2016.
- In a typical post-1960 recovery, GDP growth averaged at 3.7 percent, compared to the Obama recovery’s average 2.1 percent growth.
- An American household in the middle of the income scale is making 6.5 percent less than they were making in 2007.
- Compared to the Obama recovery, even the second-worst recovery for real disposable income still increased by an average of $4,390. Under the Obama administration, it has increased by $2,878.