Ranking Member Lee on Second Quarter GDP Report

WASHINGTON—Ranking Member Mike Lee (R-UT) released the following statement on the Bureau of Economic Analysis GDP estimate for the second quarter of 2022.

"Today we learned that the economy shrank by 0.9% in the second quarter of 2022, marking two straight quarters of negative GDP growth. Our shrinking economy is a result of persistently high inflation that has weakened consumer confidence and robbed Americans of their hard-fought wage gains, costing the average family more than $8,600 over the next year. Today’s data release confirms the sad reality that American families are paying a high price for Washington’s irresponsible spending."

The Joint Economic Committee is Congress's bicameral economic research center and home of the Social Capital Project, led by Ranking Member Mike Lee.