Washington, D.C. — Center for American Progress Economist Adam Hersh had the following reaction to the announcement of the fourth-quarter GDP numbers released this morning by the Bureau of Labor Statistics:
Economic growth is returning the United States to more stable footing, but stronger growth is not translating into the dream of widely shared prosperity and opportunity for all Americans articulated this week by President Barack Obama. Gross domestic product grew 3.2 percent, following growth of 4.1 percent in the third quarter—stringing together two consecutive quarters of solid growth.
Growth may be resuming its cyclical upswing and corporate profits have rarely been higher; however, today’s data, which shows a persistently high trade deficit and diminished business investment, also underscore reasons for concern about the outlook for U.S. economic competitiveness. The dual challenge of achieving a competitive economy with inclusive prosperity can only be met through policies that strengthen and broaden America’s middle-class working families who are the true drivers of growth.
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