AUGUST 1, 2012
Growth slows to 1.5 percent in second quarter, but are we already in another recession?
FAIRFAX, Va. – Americans for Limited Government President Bill Wilson today again responded to today's report by the Bureau of Economic Analysis showing the economy slowed in the second quarter to only 1.5 percent growth:
"Gross Domestic Product numbers throughout 2008 failed to show that we were in a recession, when in reality the downturn had begun in the fourth quarter of 2007. And now, once again, the economy is visibly slowing down with only 1.5 percent growth, but are we already in another recession? At best, we're at stall speed, but we may already be contracting.
"Our early warning systems are broken, and economists are left only to extrapolate that we are in serious trouble. Meanwhile, Obama is doing nothing to get the economy back on its feet again. His only plan is to raise taxes on job creators, wage his war on business, and spend us into oblivion.
"The 'stimulus' has failed, and yet all the talk is the Fed will try to administer another dose of quantitative easing, or money printing, that will do nothing to get us out of this ditch. It is time for new leadership. We need a return to sound money, fiscal responsibility, lower taxes, and a complete unraveling of the environmental, labor, and health regulations that are strangling growth."