Oct. 26, 2012, Fairfax, VA-Americans for Limited Government President Bill Wilson today issued the following statement on the Bureau of Economic Analysis' advance estimate of the Gross Domestic Product (GDP) in the 3rd quarter showing 2 percent growth:
"Today's report shows that the GDP grew by $190.1 billion at a 2 percent rate in the third quarter. There's only one problem. $38 billion of that, or 20 percent, was an increase in government spending. That means without government included, the private sector only expanded by a tepid 1.6 percent. This is the best the Obama economy can do: increase government spending, meanwhile the private economy continues to flounder.
"This dismal reality poses daunting challenges to restoring full employment in the U.S. Only 22 million Americans work for government at the federal, state, and local level, just 15 percent of the 143 million people who have jobs.
"There will be no recovery from this depression without a robustly growing private sector, because we cannot all work for the government. It is time for new leadership on the economy from somebody who knows how to get the private sector moving again - because that is the only way out of this mess."
Americans for Limited Government is a non-partisan, nationwide network committed to advancing free market reforms, private property rights and core American liberties. For more information on ALG please call us at 703-383-0880 or visit our website at www.GetLiberty.org.