New report shows GDP growth slows

July 30, 2010

Today, the Commerce Department released its advance estimate of second quarter GDP growth.  The report showed that the United States economy slowed to a 2.4% rate of growth.  This is a significant decline from the revised 3.7% rate of the previous three months.

The report also showed that government spending increased. A New York Times article outlining the findings reports that government spending grew “at an annual rate of 4.4 percent after a decline of 1.6 percent in the first quarter. Public spending was broad-based, with even state and local spending increasing for the first time in a year.”

It’s crucial that lawmakers heed the public’s call for fiscal responsibility.  With growth slowing and government spending increasing, Congress must make difficult but necessary cuts to get at the root cause of what is Bankrupting America: its out-of-control spending.

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3 Responses to New report shows GDP growth slows

  1. Mark says:

    From my perspective, the only sustainable growth is slow growth. The characteristics of “bubbles” are quick ascent and even quicker descent.
    However, why is there never any discussion of the largest part of the federal budget, the military, when looking for spending reductions? Message to the world is that it is a higher priority for us to be killing you than helping our own citizens. We are justifiably outraged by 3000 killed in 9/11 but complacent about killing more than double that number of our own troops in countries around the world.
    America is the most aggressive, war obsessed, violence obsessed country in the modern world. One should at least admit the facts before telling other nations how they should be living their lives or distracting citizens from fundamental issues during the firestorm of election year media melee. We, the citizens, shoulder the responsibility and not our politicians who for better or worse are simply a reflection of our conflicted values.

  2. Mark says:

    From my perspective, the only sustainable growth is slow growth. The characteristics of “bubbles” are quick ascent and even quicker descent.
    However, why is there never any discussion of the largest part of the federal budget, the military, when looking for spending reductions? Message to the world is that it is a higher priority for us to be killing you than helping our own citizens. We are justifiably outraged by 3000 killed in 9/11 but complacent about killing more than double that number of our own troops in countries around the world.
    America is the most aggressive, war obsessed, violence obsessed country in the modern world. One should at least admit the facts before telling other nations how they should be living their lives or distracting citizens from fundamental issues during the firestorm of election year media melee. We, the citizens, shoulder the responsibility and not our politicians who for better or worse are simply a reflection of our conflicted values.

  3. Mark says:

    From my perspective, the only sustainable growth is slow growth. The characteristics of “bubbles” are quick ascent and even quicker descent.
    However, why is there never any discussion of the largest part of the federal budget, the military, when looking for spending reductions? Message to the world is that it is a higher priority for us to be killing you than helping our own citizens. We are justifiably outraged by 3000 killed in 9/11 but complacent about killing more than double that number of our own troops in countries around the world.
    America is the most aggressive, war obsessed, violence obsessed country in the modern world. One should at least admit the facts before telling other nations how they should be living their lives or distracting citizens from fundamental issues during the firestorm of election year media melee. We, the citizens, shoulder the responsibility and not our politicians who for better or worse are simply a reflection of our conflicted values.

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