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U.S. House of Representatives Committee on Ways and Means

10/28/2021 | Press release | Distributed by Public on 10/28/2021 08:27

Third Quarter GDP: Awful Report is More Proof that Biden is Bungling the Recovery

Third Quarter GDP: Awful Report is More Proof that Biden is Bungling the Recovery

Less inventories, America's economy at zero growth
October 28, 2021 - Blog - Press Releases

Responding to the third quarter GDP report, Ways and Means Republican Leader Kevin Brady (R-TX) issued the following statement:

"This is an awful report, and if you take out the build-up in inventories, America's growth last quarter was effectively zero. This is more proof that President Biden is bungling the recovery, and now faces serious questions about his competency to heal our economy.

"He's now a disturbing zero-for-three in meeting quarterly projections for growth this year, even with expectations dumbed down in some cases by 80 percent or more since he took office.

"Economic growth has already peaked for President Biden's presidency, and now he's nearly a million jobs short of his promises. He's making an alarming labor shortage worse for Main Street businesses, and is demanding more government stimulus that will drive prices up higher and longer.

"Americans are losing faith in his economic competence and wondering 'how did he bungle this economy this badly?'"