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JEC Chairman Beyer on Second Quarter GDP Release

Congressman Don Beyer (D-VA), Chairman of the U.S. Congress Joint Economic Committee (JEC), released yesterday the following statement after the Bureau of Economic Analysis (BEA) reported its initial estimate of second quarter gross domestic product (GDP) contracting 0.9%.

Congressman Don Beyer (D-VA), Chairman of the U.S. Congress Joint Economic Committee (JEC), released yesterday the following statement after the Bureau of Economic Analysis (BEA) reported its initial estimate of second quarter gross domestic product (GDP) contracting 0.9%.

“Underlying data show we are experiencing one of the strongest recoveries in the world. Looking under the hood of today’s report, we still see strong levels of net exports and consumer spending as our economy continues its record-breaking rebound.

“Moreover, while GDP is an important economic indicator, it is not the only one that is considered when evaluating the overall health of the economy. The labor market, which remains historically strong, is among the most crucial. It continues to exceed all expectations—over 2.7 million jobs have been added in 2022, and the unemployment rate is near a 50-year low—which is not at all consistent with a recession.

“Although our recovery is reaching communities who have historically been excluded from economic growth, higher prices are depriving workers and families of the benefits of our strong economy. Democrats are preparing to help ease these pressures by passing the Inflation Reduction Act of 2022, which would bring down costs now and for the long term. These investments in health care, energy security and solutions to climate change will help grow our economy and reduce the deficit by ensuring the wealthy and corporations pay their fair share.”

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About Congressman Beyer

Congressman Don Beyer is currently serving his fourth term in the U.S. House of Representatives, representing Northern Virginia suburbs of the nation’s capital. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Beyer serves on the House Committee on Ways and Means and the House Committee on Science, Space and Technology, where he chairs the Subcommittee on Space and Aeronautics. Previously, Beyer served as the Lieutenant Governor of Virginia and Ambassador to Switzerland, and built a successful family business over the course of four decades.

About the U.S. Congress Joint Economic Committee

The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President’s Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.