From Congressman Kevin Brady
WASHINGTON D.C. U.S. Congressman Kevin Brady (R-TX) the top House Republican on the Joint Economic Committee issued the following statement after the Department of Commerce announced a 3.2 rise (seasonally adjusted annual rate) in the first quarter 2010 gross domestic product (GDP) estimate:
The first quarter GDP numbers confirm that the American economy is only creeping out of the recession. Rather than experiencing strong robust growth American businesses continue to restock their shelves while waiting on an unstable Congress and populist White House to move out of their way."
Business inventories accounted for nearly half of the 1st quarter growth. While real final sales a better measure of the underlying economic trend increased by 1.7 percent indicating that growth is unlikely to be strong enough to significantly reduce unemployment over the next several quarters.
Drastic spending bills and out-of control budgets continue to frighten American consumers" added Brady. Our economy will continue to experience sluggish growth until our government loosens its grasp on American businesses."
