U. S. Congressman Pat Tiberi (R-OH), Chairman of the Joint Economic Committee, released the following statement about the report by the Bureau of Economic Analysis that the U.S. economy grew 0.7 percent at an annualized rate in the first quarter of 2017:

 

“While disappointing, today’s GDP report is not surprising. The report serves as a reminder that eight years of the Obama administration’s regulatory onslaught and our outdated tax system have constrained our economic potential. Bad weather in March may have contributed to the low GDP growth rate, but by continuing to reduce burdensome regulations and overhauling our tax code, we will restore our potential going forward.”

 

The pre-Obama 50-year average quarterly growth at annualized rates was 3.2 percent compared with the Obama administration’s average of 1.8 percent.