Congressman Mario Diaz-Balart (FL-25) issued the following statement on today's Gross Domestic Product (GDP) report showing two consecutive negative quarters for real GDP growth.
"Since taking control of the White House, the Biden Administration's strategy has been to deny, spin, and take absolutely no accountability for the consequences of its failed, irresponsible policies. In 2021, President Biden claimed that inflation had peaked and labeled it "transitory" and a "high-class problem," fast forward to today, and it is clear that inflation remains on a steady rise and continues to hurt hardworking American families.
"Despite the Biden Administration's laughable attempts to redefine a "recession," two consecutive quarters of negative real GDP growth historically constitutes an economic recession, and we are in the midst of one. It is shameful that the Biden Administration would rather deny the state of our economy than reverse course and commit to policies that will lead us towards economic recovery."