Today, Raymond J. Keating, chief economist for the Small Business & Entrepreneurship Council (SBE Council), issued the following statement about the first quarter GDP numbers released by the U.S. Bureau of Economic Analysis:
“During periods of economic recovery/growth, based on data over the past six-plus decades, we should be experiencing real growth averaging at least in the 4.0 percent to 4.5 percent range. However, real GDP growth in the first quarter came in at a mere 2.2 percent. And during this recovery, growth has averaged only 2.4 percent, failing to reach 4 percent in even one quarter.
“Quite simply, one of the worst economic recoveries on record continued to grossly under-perform in the first quarter. Some people actually seem surprised by this. Why? After all, given egregiously anti-growth tax, regulatory and spending policies; largely nonexistent U.S. trade policy; and misguided monetary policy that have dominated for more than four years now, no one should be surprised by this dismal economic record. Indeed, if such policymaking persists, no one should be surprised if the U.S. meanders along in a Europe-like sluggishness for the foreseeable future.”