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 first quarter gross domestic product (GDP), showing that real GDP grew at an annual rate of 6.4%.
“After ending 2020 with an economy that was smaller than it was the year before for the first time since the financial crisis, it is encouraging to see that economic growth accelerated in the first quarter—driven by strong consumption, which would not have been possible without President Biden’s American Rescue Plan.
“By putting money directly in people’s pockets both through stimulus payments and targeted aid, the American Rescue Plan helped millions of Americans pay bills and make purchases that had long been delayed. At the same time, the Biden Administration’s successful vaccine production and distribution system provided Americans with the confidence they need to resume every day activities and return to work, helping to fuel the economy.
“Second quarter growth will likely be even stronger as more Americans get vaccinated and more businesses fully reopen. But that does not mean we should take our foot off the gas. If equitable and enduring growth is our goal—and it should be, Congress must get to work on passing President Biden’s American Jobs Plan and American Families Plan. Our nation’s future depends on these once-in-a-century investments.”