U.S. Rep. Kevin Brady (R-TX), Vice Chairman of the Joint Economic Committee and senior member of the House Ways and Means Committee, said today that the second reading from the Bureau of Economic Analysis, which reported an annualized real GDP rate of growth at 1.9 % during the 1^st-quarter 2012, reflects the Obama administration’s “misunderstanding of the way the world really works.”

“Try as we might, I see no other way to interpret these disappointing results,” Brady said.

“Time after time, the Obama administration has been presented with evidence that its policies have been a drag on the economy. Yet it has forged ahead with them just the same.”

“At a comparable period in the Reagan administration, when the nation last recovered from a recession of the magnitude we have recently experienced, the growth in real GDP was 17.6%.  By any measure, any objective person looking at our current rate of growth, compared to that of the 1980’s, would have to rate Obama’s record as a failure.”

“I call upon the president to put in place policies that reflect the way the world really works and to stop viewing the economy through rose-colored glasses, shaped by ideological misperceptions,” Brady continued. “The way to sustained economic growth is by releasing the creative impulses of the American people. And that we can do by freeing job creators from the burdens of excessive taxation and regulation and trusting those who generate and perform jobs to decide for themselves how to manage the fruits of their labors.”

“And, as Ronald Reagan liked to say, ‘there are no easy answers, but there are simple answers.’ Our current president would do better for himself and by us if he followed that advice.”