JEC CHAIR MALONEY RESPONDS TO SHARP CONTRACTION IN 4TH Q GDP
Washington, D.C. - Joint Economic Committee (JEC) Chair Carolyn B. Maloney made the following comment upon learning the revised estimate for the 4th Quarter GDP showed the economy shrank at the rate of 6.2 percent, the fastest rate in 25 years:
“Today’s revised GDP shows we’re in a deep recession. There is a growing consensus that we need to move quickly, which is exactly what President Obama and this Congress are doing, to fix our financial system so we can get the maximum benefit of the recovery package we just passed. The American people are struggling and will continue to do so until we can get credit flowing and people working again.”
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.
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