Yarmuth Statement on Third Quarter GDP

Press Release

Date: Oct. 27, 2022
Location: Washington, DC

Kentucky Representative John Yarmuth, Chair of the House Budget Committee, released the following statement today after the Bureau of Economic Analysis reported its initial estimate of third quarter gross domestic product (GDP) expanded 2.6% on an annualized basis:

"Today's positive GDP report underscores the strength and resilience of our economy, as well as the success of our economic agenda in helping American workers, families, and small businesses get ahead," said Yarmuth. "Driven by continued growth in consumer spending, increased exports, and business investment that exceeded expectations, today's report reflects confidence in the U.S. economy and the effectiveness of the Democratic-led Congress.

"While Republicans openly root for recession and plot to crater the economy in a desperate attempt to gut Social Security and Medicare, Democrats have enacted historic legislation that is generating millions of good-paying jobs, repairing our roads and bridges, and creating new opportunities for Americans. As global inflation continues to strain household budgets, Democrats remain focused on lowering costs and helping families keep more of their hard-earned paychecks, while making sure the wealthy and large corporations pay their fair share."