Congressman Bob Latta (R-Bowling Green) released the following statement on the Bureau of Economic Analysis numbers which showed 3.1% year-over-year growth (Q4) in 2018 -- the highest year-over-year GDP growth in a calendar year since 2005. Gross domestic product growth was 2.9% for all of 2018, matching its highest level since the Bush Administration.
"When economic growth is high, it makes a difference in the pocketbooks of American families. It drives an economy that creates more jobs, raises wages, and helps businesses expand. Year-over-year growth above 3% is a significant achievement, and it shows that policies that provide tax relief and lighten the regulatory load are working.
"The booming economy has meant a lot for the constituents I represent in Ohio's 5th Congressional District. For instance, the explosion of the manufacturing sector has been beneficial to many communities in Northwest and West Central Ohio. The manufacturing industry added 284,000 jobs nationally in 2018, a 37 percent increase over 2017. The pro-growth policies passed by a Republican Congress and signed by President Trump have led to more American-made goods and high-paying jobs.
"I can't help but point out that recent proposals by Democrats in Congress would completely reverse the gains we've made. The "Green New Deal' could cost as much as $93 trillion and would completely change life as we know it. This week, House Democrats introduced Medicare-for-All legislation, a single-payer government-run health care system that would cost $32 trillion and result in massive tax hikes on Ohio families and small businesses. At a time when the economy is soaring, it would be foolish to turn our back on the policies that got us here."