07/04/2022

Commentary: The economy’s growth level is ‘unacceptable’

In poll after poll this year, the voting public has overwhelmingly identified the economy as its number one concern.

The Pew Research Center, for example, reported in July that 84 percent of registered voters said the issue of the economy is “very important” to them in deciding their vote in the presidential election.

America’s business leaders certainly share the public’s concerns. The economy has not been living up to its potential for far too long.

Business Roundtable today released its third quarter 2016 CEO Economic Outlook Survey, and the results continue to underwhelm. Over the next six months, CEOs report lower expectations for sales, roughly unchanged plans for hiring, and nearly flat plans for capital spending.

CEOs also project just 2.2 percent GDP growth for 2016, a number consistent with what most economists are estimating for the year.

These growth numbers are unacceptable. The U.S. economy remains stuck in post-recession blues, with GDP growth well below where it should be this many years after the mid-2009 end of the Great Recession.

What’s remarkable is that Washington has let this lackluster economy lag along without acting on any meaningful, long-term growth agenda. Sadly, the presidential candidates have also failed to produce cohesive plans to foster the more robust economic growth that helps everyone pay their bills, put their kids through school, and builds strong communities.

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