According to a U.S. Bureau of Economic Analysis released last week, the U.S. gross domestic product (GDP) increased 1.9 percent in the fourth quarter, prompting House Republican leaders to criticize the Obama Administration for another year of slow growth.
“Today’s GDP report rounds out another year of disappointingly slow economic growth. As a result of President Obama’s higher taxes, bigger government, and one-size-fits-all regulations, our economy has grown by less than 2 percent annually—an abysmal rate that marks the worst economic recovery since World War II,” Rep. Kevin Brady (R-TX), chairman of the House Ways and Means Committee, said.
Brady praised President Trump for sharing House Republicans commitment to reviving the economy.
“One week into his presidency, President Trump is already taking steps to create jobs and ensure American workers and businesses can compete and win around the world, but especially here at home,” Brady said. “I’m excited and optimistic to work with our new Administration on delivering pro-growth solutions that fix our broken tax code, strengthen America’s competitiveness, and unleash our full economic potential.”
The GDP has increased for six straight years, the longest period of economic expansion in U.S. history. Over the past year ending Dec. 31, 2016, the GDP increased by 1.6 percent. Over the last eight years, the GDP increased by an average of 1.8 percent.
Rep. Pat Tiberi (R-OH), chairman of the Joint Economic Committee, said it was disappointing that the Obama administration could not meet their own GDP projections of 2.2 percent growth in the fourth quarter.
“Americans spoke loudly and clearly in November telling the world that President Obama’s ‘new normal’ was unacceptable,” Tiberi said. “That’s why Republicans are ready to unleash America’s economic potential by overhauling our broken tax code and reducing burdensome government mandates to untie the hands of job creators and empower communities to thrive.”
The pre-Obama 50-year average growth rate was 3.4 percent compared to the Obama administration’s 1.5 percent annual growth rate.