Friday’s child may be loving and giving, but Friday’s economic news sure isn’t. Today, we received further confirmation from the federal government that the big-government economic stimulus plan Barbara Boxer championed has not delivered the economic recovery she promised Californians, as the Commerce Department revealed economic growth in the second quarter of the year was even slower than previously estimated.

Economic Growth Estimate Released Today Shows Recovery “Had Slowed To A Crawl.” “Economic statistics released Friday offered the clearest sign yet that the recovery, already acknowledged to be sauntering, had slowed to a crawl. The government lowered its estimate of economic growth in the second quarter to an annual rate of 1.6 percent, after originally reporting last month that growth in the three-month period was 2.4 percent. The revision is a significant slowdown from the annual rate of 3.7 percent in the first quarter and 5 percent in the last three months of 2009.” (Motoko Rich, “U.S. Economy Slowed to 1.6% Pace in 2nd Quarter,” The New York Times, 8/27/10)

Not surprisingly, many in Congress are taking this grim news to heart and re-evaluating the economic policies they’ve been touting thus far. In particular, a growing number of Democrats are now pushing behind the scenes for an extension of the entire 2001 and 2003 tax relief package – a cause Republicans have been championing for months.

Democrats Having “Second Thoughts” About Tax Hikes. “With the economy rapidly weakening, some senior Democrats are having second thoughts about raising taxes on the nation’s wealthiest families and are pressing party leaders to consider extending the full array of Bush administration tax cuts, at least through next year.” (Lori Montgomery, “Among Democrats, Economic Pressures Are Changing Tax-Cut Dynamics,” The Washington Post, 8/26/10)

Pelosi Advisor: “Raising Taxes Is A Gamble That Is Unnecessary.” “[Economist Mark Zandi] acknowledged that tax cuts for the rich tend not to be an effective way to pump money into the economy because they tend to save it rather than spend it. ‘Normally, I would firmly agree that raising taxes on people who make over $250,000 a year would not make a meaningful difference in the way they spend money. But I worry that these aren’t normal times and that even this income group may be sensitive,’ Zandi said, noting that the top 3 percent of households account for a quarter of all personal spending. ‘With 9.5 percent unemployment – which is clearly going to move higher – raising taxes is a gamble that is unnecessary,’ he said.” (Lori Montgomery, “Among Democrats, Economic Pressures Are Changing Tax-Cut Dynamics,” The Washington Post, 8/26/10)

Seems that, with the compounding evidence pointing to economic stagnation, some Democrats are taking the hint and changing course. But the question remains: will Barbara Boxer finally admit that her beloved big-government economic “stimulus” plan hasn’t delivered the 400,000 jobs or the economic growth she promised? Or will she finally admit that raising taxes on families and small businesses is an economic gamble California cannot afford? Because the people of this state want to hear the truth about what she’s doing – or, more accurately, NOT doing – to create jobs and grow the economy.