Washington, D.C.—Adam Hersh, Economist at the Center for American Progress, issued the following statement in reaction to today’s GDP quarterly report:
There’s no word but miserable for today’s economic growth figures from the Department of Commerce. New data show that the U.S. economy ground to a halt in the first quarter of 2011, growing at 0.4 percent, while the economy barely moved forward in the second quarter, growing at 1.3 percent.
Data revisions indicate the economy is substantially weaker than previously thought, and still remains below its pre-recession peak. The economy can’t afford the economic uncertainty created by conservative members of Congress playing games of debt limit chicken. Lawmakers need to stand down on the debt limit before doing even more damage.
Nor can the economy afford a sharp fiscal contraction. Lawmakers should focus on expanding public investments in infrastructure, renewable energy systems, and the education of our kids and workforce. These investments can put people back to work today rebuilding the foundation of a competitive U.S. economy and strong middle class for the long run. That benefits us all.
To speak to Adam Hersh about today’s GDP numbers, please contact Laura Pereyra at firstname.lastname@example.org or at 202.203.8689.