The news release is here.
The awful number is no longer 1.5 percent, but 1.7 percent. An annualized growth of this small magnitude is about half of the historical average up until the year 2000. In the post-WW2 period GDP averaged about 3.5 percent per annum until the turn of the century.
From 2000 to now, however, GDP growth has been far less robust, with year 2004 the lone year as high as 3.5 percent. All the rest have been lower, with some negative in the little depression of 2008 and 2009.
The pdf is here.
Has it occurred to anyone we were spending too much money taking the war to the enemy, and making war on the American people in the name of security, and subsidizing too much stuff like drugs for seniors, food stamps, and healthcare? Ratcheting up these expenditures during the last decade has coincided with a streak of terrible growth numbers.
The necessity of spending cuts has never been greater, but our politicians, of both parties, seem bent on doing anything but cut spending. Which is why AAA went away.
