Today, Ranking Member Mike Lee (R-UT) released the following statement on the Bureau of Economic Analysis GDP estimate for the first quarter of 2022:
“Today’s GDP estimates show the economy shrinking by 1.4% as inflation continues to rob Americans of their purchasing power and grind business investments to a halt.
“It’s no wonder that Americans’ views of the economy are at their lowest levels since 2009—with inflation erasing wage gains and 6.6 million Americans still out of work measured against the pre-pandemic trend, more spending and bigger government have created a long road to recovery ahead.
“Pro-growth policies delivered widely shared prosperity for Americans before the pandemic. We know what works. We should learn from our mistakes and return to policies that allow families of all types to prosper.”
The Joint Economic Committee is Congress’s bicameral economic research center and home of the Social Capital Project, led by Ranking Member Mike Lee.