The last three days have seen three economic reports that are about as refreshing as Washington on a hot and humid summer day. These reports are yet another sign that the Democrats’ policies of tax, borrow and spend are a drag on the economy. For three straight days the economic data point to too little – too little growth, too little certainty and too little confidence that the American economy will grow and create jobs.
Monday: The Institute for Supply Management manufacturing index fell to 50.9 in July, from 55.3 in June. Tuesday: The Commerce Department reported that consumer spending slipped 0.2 percent from May to June, the first decline since September 2009. Wednesday: The Institute for Supply Management service sector index fell to 52.7 in July, from 53.3 in June.
The American economy has suffered from failed economic policies for far too long. But Congress can help get the economy back on the right track: 1) cut government spending; 2) reform the tax code; and 3) pass the three pending free trade agreements. These steps are critical to providing American businesses the certainty they need to grow and get the 14 million Americans looking for jobs back to work.