Bureau of Economic Analysis: GDP Growth for Q2 at 2.8 Percent

Bureau of Economic Analysis: GDP Growth for Q2 at 2.8 Percent

WASHINGTON, D.C. - Today, the Bureau of Economic Analysis (BEA) released its first estimate for economic growth in the second quarter (Q2) of 2024. The report found that real U.S. Gross Domestic Product (GDP) grew by just 2.8 percent. Unfortunately, the damage of the Biden-Harris economic agenda has already been done. Prices have risen nearly 20 percent since Biden-Harris took office, with Americans paying nearly $17,000 more per year for the same goods and services.

House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement on GDP growth for Q2 2024:

"The damage from Democrats' reckless spending and the Biden-Harris Administration's failed economic policies is done. The goal should be to bring down the stubborn inflation that is crushing the American people and the high interest rates that are fueling the cost-of-living crisis. We must grow the economy back to pre-COVID rates of growth, and this report underscores that we are still painfully far from that goal."

Background:

Democrat's unbridled spending and failed economic policies have led America down a dangerous fiscal path. Since the start of the Biden-Harris Administration, inflation has risen by a staggering 19.2 percent and interest payments on our national debt have skyrocketed by 153 percent. House Budget Committee Republicans are committed to reversing the mismanagement of government spending.

Read More From the House Budget Committee Here:

Read Chairman Arrington's statement on the May inflation rate coming in at 3.3 percentHERE.

Read more about how interest payments on our national debt have skyrocketed by 153 percent during the Biden-Harris AdministrationHERE.

Read more about falling consumer confidence HERE.

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