“All of [President Obama’s] signature policies were implemented—and $5 trillion was added to our debt—and it yielded only one-third of the growth it was supposed to deliver.”
WASHINGTON—U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement today about new figures that show annualized GDP growth so far this year at 1.77%:
“GDP growth is arguably the most important indicator in assessing the health of the economy. Today’s figure of 2.0% brings our annual growth rate this year to 1.77%, and it explains many of the economic challenges we are now experiencing: a shrinking labor force, sluggish job growth, declining incomes, and more and more people turning to welfare. We are heading in the wrong direction. Growth this year is weaker than last year and growth last year was weaker than the year before. In early 2009, the White House presented its FY 2010 budget and projected 4.6% growth this year as a result of the President’s policies. All of his signature policies were implemented—and $5 trillion was added to our debt—and it yielded only one-third of the growth it was supposed to deliver. Making matters worse, this historic surge in spending and debt has placed an anchor on our economy that not only weakens growth today but threatens us with a debt crisis tomorrow. This is not a partisan question. President Obama believed his policies would have the opposite effect of what they actually produced. These growth figures are the most powerful evidence one can find that a different policy course is needed.”
NOTE: To view a Budget Committee chart and background information about the GDP numbers, please click here.