WASHINGTON—Senator Mike Lee (R-UT), Ranking Member of the Joint Economic Committee, made the following statement after the Bureau of Labor Statistics announced that the economy added 315,000 jobs in August:

"This month’s jobs growth remains insufficient to get the U.S. economy back on track. We have experienced two consecutive quarters of falling GDP, labor force participation remains far below its pre-pandemic level, and inflation is close to a four-decade high. Amid this urgent economic situation, Congress raised taxes on American employers and continues to recklessly authorize new spending.

Meanwhile, the President unilaterally granted illegal student loan cancellations that could cost over a trillion dollars. More spending and higher taxes will only further undermine our precarious situation, potentially plunging us deeper into economic turmoil."

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