Top Republican on the House Committee on Ways and Means Rep. Kevin Brady (R-TX) issued the following statement on Thursday’s Bureau of Economic Analysis report on U.S. economic growth in the third quarter (GDP):
“With this report President Biden has failed to meet economic expectations for six of seven quarters in his term – even as economists have dumbed down economic projections to reflect his struggling policies.
“A major surge in exports and government spending produced a fleeting positive number — ‘ghost growth’ — while the key drivers of the economy such as investment and consumer spending shrunk again. These are alarming red flags for the current stagnant economy, signaling the worst is yet to come.
“Many economic experts predict America’s economy will shrink this year and contract more next year as inflation crushes workers with the largest pay cut in 25 years and families have seen their retirement nest eggs shrink by a quarter in just the past year.
“Joe Biden’s economy is a very cruel economy for working families.”