WASHINGTON—Commerce Secretary Carlos M. Gutierrez today released the following statement on the preliminary estimate of real gross domestic product (GDP), which showed that the American economy grew at a rate of 0.9 percent in the first quarter of 2008: “While our economy is growing at a rate slower than we would like, it grew more than first estimated in the first quarter. Slower growth was anticipated and that is why the Administration acted quickly to work with Congress on the economic stimulus plan earlier this year. Millions of stimulus payments have already gone out, and more will be sent in the coming months. Putting cash in the hands of American consumers—more than 130 million households—will help drive growth and boost jobs. Housing continues to be a drag on the economy, but thousands of homeowners have been helped through the HOPE NOW Alliance and the Administration’s FHA Secure.
“Yesterday marked the fifth anniversary of President Bush’s historic tax cuts which have helped propel the American economy forward through significant challenges and headwinds and allowed millions of American families to keep more of their hard earned money. That tax cut needs to be made permanent.
“Many key long-term fundamentals remain solid. Productivity growth over the course of this Administration is above the averages for each of the past three decades. Workers are competitive and countries around the world want American products. Trade continues to bolster our economic growth. We call on Congress to pass the pending free trade agreements to further strengthen our nation’s trade and level the playing field for American businesses.”
Source: U.S. Department of Commerce
