Washington, DC – Today, Adam Hersh, Economist at the Center for American Progress, had the following reaction to the announcement of the latest quarterly GDP report:
"It’s a relief to see economic growth gaining momentum at the end of 2010. The economy grew by 3.2 percent in the fourth quarter and 2.9 percent overall in 2010. But "recovery" has not yet come to millions of American families struggling with high unemployment, stagnant incomes, high home foreclosures, and the fear that their situation is being accepted by policymakers as the "new normal."
Growth today is good, but investment–public and private–critical for long-run still lags behind. Countries with high investment rates are leading the global recovery. Those with low investment risk being left out. Failure to make critical investments now will set back the American economy for years to come."
To speak to Hersh about the GDP quarterly report, contact Megan Smith at 202-247-1057 or [email protected].