Today, Congressman Don Beyer (D-VA), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Economic Analysis (BEA) reported its initial estimate of second quarter gross domestic product (GDP) growth of 6.5% on an annualized basis.
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“Today’s announcement of continued strong economic growth—the second consecutive quarter above 6%— brings our economy above its pre-pandemic peak and provides new evidence that investments in people are key to growing our economy.”
“Driven by accelerating consumption growth, the latest indicator of our robust recovery is a testament to the Administration’s successful vaccination campaign and the effectiveness of the American Rescue Plan, which provided immediate economic relief to help families, businesses, and communities through the worst of the economic crisis.”
“Today’s economic numbers make clear that economic growth is being driven by the American people's spending power, with consumption growing by 11.8% at an annualized rate. Thanks to the strength of household balance sheets, which were protected by timely federal relief during the pandemic, our economy is continuing to strengthen.”
“In the second quarter of 2020, we experienced the worst economic contraction on record, as the pandemic necessitated lockdowns to ensure public safety. Now one year later, faster than expected, GDP is above its pre-pandemic high.”
“But if we are to translate these gains into long-term inclusive prosperity, we must prioritize public investment that addresses the underlying structural fragilities in our economy that left us so vulnerable to the pandemic. As the contours of a bipartisan infrastructure deal come together, Congress must also move full steam ahead with the reconciliation bill to make meaningful investments that boost economic growth, mitigate the harmful effects of climate change, and ensure a more equitable recovery.”