Obama administration has failed the economy

The Department of Commerce yesterday announced its sharpest setback in the economy since the recession.

Not only is our economy shrinking, it is shrinking fast. The Commerce Department’s revised estimates show a 2.9% decline for the first three months of the year, the “fastest rate of decline since the first quarter of 2009” according to the breaking report in the Wall Street Journal.

Despite promises from the Obama Administration, 5 years after the Great Recession our economy has yet to grow strong enough to bounce back after setbacks.

The administration attributes this to “volatile GDP data” in their statement that exemplifies their signature style of politics and excuses. In the eyes of the administration, the winter weather was even to blame for the contracting economy.

Instead of solving the problem of a contracting economy that hit the lowest point since the Great Recession, the administration continues to push their failed policies in the faces of the American people: their answers are more spending that drives up our federal deficit and more regulation that weighs down job creators.

Clearly, the administration’s course of action has not sparked economic growth or even stability in our country.

While the administration has increased costs on Americans and fed us lines of hope and change, we can see the facts.

Every year, federal regulations impose a hefty, estimated $1.86 trillion burden on the economy yet the administration continues to flood American households and businesses with costly, new regulations.

In stark contrast to the administration’s approach, in the House Judiciary Committee where I serve as chairman, we have passed bill after bill to jumpstart the economy, provide jobs for Americans and protect job creators from extortion.

This legislation includes powerful regulatory reform bills to expedite approval for federal energy and construction projects to create jobs across the country, lower the costs of new regulations, prevent secret deals in litigation that require new regulations, and mandate the Administration to provide real-time transparency on plans to impose new regulatory costs.

It also includes patent reform legislation to defend America’s job creators and innovators against abusive patent trolls that extort their money and steal their inventions.

While these bills sit in the Senate waiting for action, the committee continues to work on solutions.

Last week, we approved a bill to establish an independent commission to assess and clear the clutter of outdated, unnecessarily burdensome federal regulations that too often keep growth and job creation down.

We also approved a bill to keep Internet access free of tax. Permanently.

Americans carrying the burden of this failing economy deserve better than to foot the growing bill that the administration piles on them. They deserve a real economic recovery, jobs and competition.

And the bills passed through the Judiciary Committee are an important step toward increasing fiscal responsibility in our country, challenging the current strategy of the Obama administration and laying the foundation for a robust economy.

Goodlatte has represented Virginia's 6th Congressional District since 1993. He is chairman of the Judiciary Committee and also sits on the Agriculture Committee.