Is Mediocrity the New Norm?
By: With the Republican National Convention picking up steam in Tampa, FL, House Majority Leader Eric Cantor (R-VA) reveals how the GOP plans to win America.
Cantor, like so many other lawmakers, believes the secret to the election is growth. And in an interview with CNBC he suggested that would become a key theme into November.
“My friend from the house Paul Ryan has been working on a growth plan,” Cantor said.
Cantor as well as Paul Ryan and Mitt Romney are all keenly aware that new data showed the U.S. economy fared only slightly better than initially thought in the second quarter.
Gross domestic product expanded at a 1.7 percent annual rate, the Commerce Department said on Wednesday.
A growth pace of between 2 percent and 2.5 percent is generally seen as needed just to hold the jobless rate steady. “We should have 4% growth for employment, 4% growth to solve economic issues,” added Senator Marco Rubio (R-FL).
“Too many people are disappointed in the anemic economy,” said Cantor emphatically. This is what the convention is about – this is what the election is about. We can not accept this as the new norm.”
Growth in the third quarter is expected to show an improvement, but still remain below the economy's potential.
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