GOP blasts Obama for slow economic growth

Republicans seized on a disappointing economic report Thursday to begin a fresh round of criticism of President Obama.

The Commerce Department reported Thursday that the U.S. economy grew just 0.5 percent in the first three months of the year, beneath economists’ already low expectations.

{mosads}GOP lawmakers were quick to point the finger at the president’s policies as a reason for the slowdown.

“That’s next to nothing,” said Speaker Paul Ryan (R-Wis.) Thursday. “We do not have to settle for 0.5 percent economic growth.”

“President Obama’s legacy is likely to make the Carter years look rosy by comparison,” said Sen. Tom Cotton (R-Ark.). “It’s no wonder presidential candidates of both parties are running against the disastrous economy of the last eight years.”

The report marked the third straight time that the U.S. economy kicked off a new year with paltry economic growth. The economy grew nearly three times faster in the last quarter of 2015.

Much of the decline was due to reduced business investment, as well as slower growth in consumer spending. Economic policymakers have contended that many of the challenges facing the U.S. economy now are global ones, as concerns about economic slowdowns elsewhere, like in China and oil-producing nations, could drag on America’s recovery.

Although the current challenges are mainly coming from abroad, GOP policymakers touted their ideas as the best way to help steer the U.S. through the storm.

“The deluge of burdensome mandates and regulations during the Obama administration stands in stark contrast to the pro-growth agenda of the Republican Senate, which remains focused on policies that promote job growth and create better opportunities for Americans,” said Sens. John Thune (R-S.D.) and Dan Coats (R-Ind.) in a joint statement.

In fact, House Republicans are likely to pass a bill Thursday taking aim at one of Obama’s biggest regulatory initiatives. The House is considering a resolution to disapprove new Labor Department rules imposing stricter standards on retirement investment advisers.

For its part, the White House acknowledged the disappointing data but argued it should be taken in a broader context with other economic data.

“Labor market data remain robust, with continuing private-sector job creation, increasing labor force participation, and historically low levels of Unemployment Insurance claims,” wrote Jason Furman, head of the president’s Council of Economic Advisers. “Today’s report underscores that there is more work to do, and the President will continue to call on Congress to support policies that will boost our long-run growth and living standards.”

And there are positive signs around the U.S. economy, particularly regarding employment. The U.S. has recorded strong growth in jobs for the last several months, adding 215,000 in March.

Furman also noted that Thursday’s report is just the first of three estimates on first-quarter economic growth, meaning the numbers could improve going forward.

“As the Administration stresses every quarter, GDP figures can be volatile and are subject to substantial revision,” he wrote. “Therefore, it is important not to read too much into any single report, and it is informative to consider each report in the context of other data as they become available.”