Beyer On Q4 GDP: “We Should Not Understate This: The American Economy Is Strong”
Washington, January 26, 2023
Rep. Don Beyer (D-VA), outgoing Chair of Congress’ Joint Economic Committee, issued the following statement today on the Bureau of Economic Analysis (BEA) advance estimate for the U.S. gross domestic product (GDP) that found that the U.S. economy grew by 2.9 percent in the fourth quarter on an annualized basis and 2.1 percent for the full year of 2022:
“Today’s economic news caps a series of clear indications of economic strength. We should not understate this: the American economy is strong.
“The latest Bureau of Economic Analysis statistics show that the American economy grew by 2.9 percent in the fourth quarter, and by 2.1 percent for the full year of 2022. Under President Biden’s leadership we’ve seen the strongest first two years of economic growth of any administration since Bill Clinton. While we still have more progress to make, job creation continues at a record pace, unemployment is tying a fifty-year low, wages are up, small business applications are at all-time highs, and inflation declined sharply in the second half of 2022.
“Today’s report shows that my Republican colleagues were dead wrong when they repeatedly claimed we were ‘in a recession’ all through last year. They are equally wrong today in their desire to harm our recovery by threatening a debt default. This good economic news should make clear to everyone that Democrats’ plans to grow the economy from the bottom up are far superior to Republican proposals to lower taxes for the wealthy while cutting Social Security and Medicare.
“I look forward to hearing the President’s remarks on the economy in Northern Virginia today, as we work to build on this record of success.”