STATEMENT: CAP Economist Adam Hersh: GDP Report Shows Accelerating Growth
Washington, D.C. – Today, Adam Hersh, Economist at the Center for American Progress, had the following reaction to the announcement of the fourth quarter GDP numbers:
Four years since the start of the Great Recession the U.S. economy is growing at an accelerating pace, though we have not yet reached escape velocity. In the final quarter of 2011 our economy expanded at a 2.8 percent rate and now stands $96 billion larger than December 2007.
Despite a strengthening growth trend, policymakers must not grow complacent. With 13 million unemployed workers and countless middle-class families under financial strain, the economy is still not working for all Americans.
Numerous risks to growth loom on the horizon, the most worrisome being the potential for self-inflicted damage wrought by continued political intransigence in the House of Representatives. To build on this growth momentum Congress must not delay in continuing payroll tax cuts for all working Americans and unemployment insurance benefits for those trying to work.
To speak with Adam Hersh, contact Katie Peters at email@example.com or 202.741.6285.