The president and chief executive officer of the Job Creators Network says “the economy is stagnating” following the release of the gross domestic product report on Thursday.
“Today’s GDP report confirms what ordinary Americans and small businesses already know: The economy is stagnating,” Alfredo Ortiz said in a statement. “The continuation of the slow- or no-growth economy under President Biden is a direct result of bad Democrat policies that make it more difficult for small businesses to operate and expand.”
The Bureau of Economic Analysis reported that “[r]eal gross domestic product (GDP) increased at an annual rate of 1.1 percent in the first quarter of 2023, according to the ‘advance’ estimate.”
“The increase in real GDP reflected increases in consumer spending, exports, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by decreases in private inventory investment and residential fixed investment,” the Bureau of Economic Analysis said in a news release. “Imports, which are a subtraction in the calculation of GDP, increased.”
Ortiz further slammed the Biden administration.
“This anemic growth will only get worse if the Biden administration’s agenda of tax hikes, new regulations, and reckless spending is further implemented,” Ortiz said. “Unless Republicans can block these anti-small business measures, the economy will be thrown back into recession.”
House Republicans passed legislation to increase the federal debt ceiling Wednesday, in exchange for limits on federal spending and policies they say will grow the economy.
The White House did not immediately respond to The Daily Signal’s request for comment. However, the president issued a statement following the report’s release.
“Today, we learned that the American economy remains strong, as it transitions to steady and stable growth. This past quarter, real personal disposable income increased and American consumers continued to spend, even as the overall pace of growth moderated,” Biden said in a statement. “This follows reports that our economy added more than 300,000 jobs per month during the quarter, the unemployment rate remained near a 50-year low, and workforce participation for working-age Americans is the highest in 15 years.”
“My Investing in America agenda is rebuilding the economy from the middle out and the bottom up, following decades of failed trickle-down economic policies,” Biden said. “By investing in manufacturing and building out our supply chains, we are creating good-paying jobs here at home that you can raise a family on, lowering the costs of energy and the Internet to give hardworking Americans more breathing room, and making sure that no community is left behind.”
The next GDP report will be released on May 25 at 8:30 a.m. EDT, according to the Bureau of Economic Analysis.
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