As Forbes points out, President Obama’s economic policies have increased taxes and put in place burdensome regulations that have led to increased uncertainty, anemic job creation and the creation of a historic growth gap. In contrast, House Republicans have put forward a pro-growth plan that will spur job creation, get government out of the way of businesses, and work to erase the growth gap and promote long-term economic health.
- President Obama’s Push To Raise Taxes, Impose Burdensome Regulation, and Spend Money The Nation Can’t Afford, Has Stunted Economic Growth. Unless there is a dramatic reversal in tax, regulatory, spending and monetary policy, the recovery we have so far may look good compared to the pace of growth we will experience in the future. According to the Congressional Budget Office projections and Federal Reserve estimates, the growth gap will widen even more. CBO’s latest economic projections have real GDP rising at an average annual rate of only 2.8 percent during the coming decade. The Fed is even less sanguine, projecting a “sustainable pace” of economic growth to be a meager 2.5 percent annually.
- President Obama’s Failed Economic Policies Are On The Verge Of Creating A Growth Chasm. Under President Obama’s ill-conceived Keynesian policies, the growth gap today is far worse than it has ever been. ... For the first time in the recorded history of the U.S. economy, the trend growth path of the economy has declined a second time after falling below trend without regaining the long-run-trend growth path. The growth gap is now verging on a growth chasm.
The following graph highlights the “Obama Growth Gap”, and the need for a pro-growth strategy