Press Release ● Jobs and Economy
For Immediate Release: 
January 30, 2020
Contact Info: 
Mariel Saez 202-225-3130
WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today on the Bureau of Economic Analysis' reports that GDP for 2019 had slowed considerably: 

“This morning, the Bureau of Economic Analysis provided further evidence that supports what we already know: the Trump economy is one broken promise after another. After promising 6% GDP growth would result from his tax cuts for the wealthy, growth has actually slowed to 2.3% from 2.8% a year earlier.  Rather than causing a flood of business investment that would trickle down to workers, today’s report shows that, in the wake of his tax cuts, business investment has declined for 3 consecutive quarters. 

“President Trump inherited a surging economy from his predecessor, but his policies have failed to sustain that pace of growth. It’s no surprise, then, that he broke another promise last week when he threatened to cut Medicare and Social Security to reduce his trillion dollar deficits. This is a reality that Democrats will be highlighting in the months ahead as Americans look carefully at this President’s performance and whether he has kept his promises with regard to the economy.”