Economy Shrinks by 3 Percent, Signals Failure of Current Policy

After years of anemic economic growth following the largest financial crisis since the Great Depression, the economy actually shrank by almost 3 percent last quarter according to a Department of Commerce report released today. This is the largest contraction of the economy since the technical end of the last recession. American Encore President Sean Noble offered the following statement:

“Finally the numbers are beginning to reflect what Americas have been feeling for years: things aren’t getting better, they’re getting worse. Big government fiascos from the Stimulus Package to ObamaCare haven’t borne their promised fruits. Instead the labor force continues to wither away, debt continues to pile up, and now the economy is back to contracting. Should the economy shrink again this quarter, we’ll be back in a recession and back at square one with nothing to show for it besides $7 trillion-and-counting in new debt. It’s time to accept that the progressive vision for the country has failed and that we need new leadership in Washington to get America off of this ill-fated trajectory.”