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From the campaign:
“This morning, we learned that GDP has fallen for the first time this year, which means America is producing less and selling less and our economy is shrinking. American consumers were especially hard hit, experiencing their largest decline in spending in 28 years as wages failed to keep up with the rising cost of living. The decline in our GDP didn’t happen by accident – it is a direct result of the Bush Administration's trickle down, Wall Street first, Main Street last policies that John McCain has embraced for the last eight years and plans to continue for the next four. These policies didn’t work then, they won’t work now, and I’m running for President to end them. We need to grow our economy by creating jobs, providing tax relief for middle class families, and helping people stay in their homes, and that is exactly what I will do as President,” said Senator Barack Obama.