JEC Chairman Beyer on Third Quarter GDP Growth
Washington, October 27, 2022
Today, Congressman Don Beyer (D-VA), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Economic Analysis (BEA) reported its initial estimate of third quarter gross domestic product (GDP) expanded 2.6% on an annualized basis.
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“An even better-than-expected GDP report is a result of an economic agenda that is focused on workers, families, and small businesses. Real GDP has now recovered all the losses incurred by the declines in the first and second quarters, and the pandemic imbalance between goods and services that so snarled our supply chains is normalizing.
“Driven by continued growth in consumer spending and business investment that exceeded expectations, GDP data reflect confidence in the resilience of the U.S. economy. We are seeing firms expanding their operations despite economic headwinds, as investments from the CHIPS and Science Act further support domestic production in key industries and boost manufacturing jobs around the country.
“Even as global inflation deprives workers and families of the full benefits of this recovery, today’s data show our economy is powering ahead.
“And while Republicans are threatening debt default and economic catastrophe to gut Social Security and Medicare, Democrats are passing legislation to help create better-paying jobs, lower out-of-pocket costs and take on corporate interests. The American Rescue Plan paved the way for our historically fast recovery, and the Inflation Reduction Act is helping everyday workers and families keep more of their incomes while making sure the wealthy and corporations can’t evade or avoid paying what they owe.”