Jun 25, 2014

America is Struggling with a Shrinking GDP

The economy is getting worse. The Commerce Department said today that the U.S. economy shrank at an annual rate of 2.9 percent. A shrinking economy adds more pressure on hardworking Americans, and the beginning of this year now marks the worst economic decline since the first quarter of 2009.

At the end of April, reports first indicated that GDP had grown at a “barely discernible 0.1 annual rate.” A month later, new reports showed that GDP had actually shrank at a one percent rate. Now we realize it’s even worse than those two reports said.

We need good paying, full time jobs for America, and we can’t wait. That’s why this week the House has already passed legislation that will help add thousands of jobs by speeding the creation of energy infrastructure projects in North America, like cross-border oil pipelines and electric transmission lines. We will continue this week advancing more solutions to increase energy exploration and production, which will lower gas prices, create jobs, and make a healthier economy.

For nearly five years the President has said America is recovering from the recession, but the American people don’t feel that recovery. Six years of failed economic policies is enough. We need a healthy economy to get Americans the jobs they want and need.