Kevin Brady: “I yield myself such time as I may consume. Mr. Chairman, under the Full Employment and Balanced Growth Act of 1978, the…”

“I yield myself such time as I may consume. Mr. Chairman, under the Full Employment and Balanced Growth Act of 1978, the Joint Economic Committee provides analysis and recommendations about the goals and policies set forth in the economic report of the President, and this is to assist the House in its consideration of the budget resolution. During the next hour, the members of the Joint Economic Committee will answer two questions: Why has this economic recovery been so weak when compared with past recoveries? And secondly, how would a gradual reduction of Federal spending, relative to the size of America's economy, as envisioned in the House Republican budget resolution, how would this help hard-working Americans by accelerating economic growth, job creation, and real wage increases? Regrettably, our economy remains stuck in second gear. Last year, real GDP--in other words, apples-to-apples economy--grew by a mere 2.37 percent. That is an imperceptible increase over the average annual growth rate of 2.33 percent during the entire recovery. Although conditions have improved, the Obama recovery remains the weakest, or near the bottom, in terms of every major measurement of economic performance, compared with other recoveries over the past half century. The Joint Economic Committee describes the difference in economic performance in this recovery and with the average of other recoveries since 1960 as the ``growth gap''--and this growth gap is real.…”