Press Release
For Immediate Release: 
October 27, 2022
Contact Info: 
Raymond Rodriguez 202-225-3130
WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today after the Bureau of Economic Analysis reported its estimate of third-quarter gross domestic product: 

"Today's GDP report is welcome news that our economy grew over the last three months, despite a tightening of monetary policy by the Fed to help curb inflation and a Republican Party openly rooting for recession.  Even among strong job gains and an unemployment rate at historic lows, Republicans have asserted that only GDP matters in determining the health of the economy.  By their own standard, today’s 2.6% growth ought to dispel Republicans' oversimplified and misleading rhetoric.
 
“Since President Biden took office in 2021, we have surpassed pre-pandemic GDP and employment levels and created more than 10 million jobs.  Democrats also enacted the Bipartisan Infrastructure Law and the CHIPS and Science Act, which will generate millions of additional high-paying union jobs, repair our roads and bridges, create new opportunities for American workers and their families, and fix our broken supply chains that drove the troubling rise in inflation over the last two years.  This renewed sense of certainty that President Biden and congressional Democrats have contributed to the business environment will continue to fuel America's economic growth.
 
"At the same time, however, Democrats know that many Americans are still struggling to overcome the challenges imposed by inflation. That's why we worked to enact the Inflation Reduction Act to lower energy, prescription drug, and health care costs for the American people.  Unlike Republicans, who have spent the last two weeks publicly plotting to crater the economy by holding the nation’s credit hostage, Democrats will continue to put people over politics in the months ahead as we seek to build off of this economic progress and mitigate the worst effects of inflation."