Maloney Statement On
2010 1st Quarter GDP
Washington, D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC,) released the following statement after the announcement that GDP rose 3.2 percent in the first quarter of 2010:
“Today’s GDP number shows that the economy is growing at a solid pace. It is a dramatic shift from a year ago when the economy shrank by 6.4 percent in the first quarter. The economy has now grown for three straight quarters -- proof that policies matter. Prompt actions taken by Congress and the Administration, such as the Recovery Act, played a vital role in restoring the economy to growth.
“I am especially encouraged that consumer spending increased 3.6 percent. Consumers power our economy and are critical to a strong, sustained recovery. Americans want to see that an increase in G-D-P translates for them into a J-O-B. But we must be realistic about the challenge ahead of us. With 8.4 million jobs lost during the recession, it will take time before our economy fully recovers and all unemployed workers find jobs.”
The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.