Jan. 30, 2013, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement in response to the latest report by the Bureau of Economic Analysis showing the economy shrank at an annualized rate of 0.1 percent in the fourth quarter of 2012:
"The economy is once again shrinking despite White House and economists' expectations of 1.1 percent growth for the quarter. And all in spite of renewed quantitative easing by the Federal Reserve, which will be pumping $1 trillion of new 'stimulus' into the economy every year perhaps for the rest of our lives. Half will go to buying government debt, and the other half to bailing out financial institutions still weighed down with dodgy mortgage backed securities from the financial crisis.
"None of which will boost growth, as can already be seen. A printing press is no replacement for real productivity, a lowered cost of doing business, and regulations that welcome company creation. Instead, we have a spiraling national debt backed only by the Fed's useless paper trade, taxes that were just increased on small businesses, and a regulatory environment in health care, the environment, and labor that would make Soviet Russia blush. The result is sustained high unemployment and no growth. We're in another depression.
"This is simply unsustainable. The only problem is that seemingly nobody in Washington, D.C. is listening. To get the economy back on track, we must get our fiscal house in order, roll back regulatory agencies in the nation's capital that are holding back growth, and return to sound money. We got into this mess because of too much debt, and yet more of it from Congress, the White House, and the Fed will never get us out."
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.