Washington, D.C.—Today, Senator Martin Heinrich, (D-NM), 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 that second-quarter gross domestic product (GDP) expanded 2.4% on an annual basis.
“The American economy continues to exceed expectations, thanks to smart economic policies that work to benefit families, workers, and small businesses in New Mexico and across the country.
“Today’s release shows first-hand how increased investment, due to in large part to the landmark bills passed last Congress, can spur economic growth by investing in key industries.
“Wages are up, consumer confidence is rising, unemployment is down, and our economy continues to add new jobs in construction, manufacturing, clean energy, and other key sectors. And as we approach the one-year Anniversary of the Inflation Reduction Act, we’re also seeing lower inflation each month.
“There’s still work to be done, but we’re making real progress. I’ll continue to work with my colleagues and with the Biden Administration towards policies that benefit American families and workers and keep our economy on track.”
About Chairman Martin Heinrich
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.
About the U.S. Congress Joint Economic Committee
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.