Boyle Statement on First Quarter GDP Growth

WASHINGTON, DC – Today, Pennsylvania Congressman Brendan F. Boyle, Ranking Member of the House Budget Committee, released the following statement after the Bureau of Economic Analysis released its initial estimate of first quarter Gross Domestic Product (GDP) for 2024. The report indicates that GDP grew 1.6 percent on an annualized basis in Q1:

“The 1.6 percent GDP increase in the first quarter of 2024 brings us to seven straight quarters of solid GDP growth,” said Ranking Member Boyle. “While short-term weakness in volatile areas like net exports is always a possibility, today's report shows the backbone of our economy, consumer spending, remains strong. The U.S. continues to lead the world with the Biden economy delivering more than 15 million jobs, record low unemployment, and steady economic growth. We have taken historic action to lower the cost of health care and prescription drugs — and we are fighting to bring this progress to every American.”

“Four years ago, first quarter GDP growth was not 1 percent, 2 percent, or 3 percent: It was negative 5.3 percent. COVID was raging, millions of Americans were being put out of work, and Donald Trump was encouraging the American people to inject themselves with bleach. While Trump endangered lives, President Biden and House Democrats delivered: We got assistance to middle-class Americans, invested in our infrastructure, and put America back on track. We can't afford to let House Republicans turn back the clock on our progress by raising the cost of living and putting Social Security benefits on the chopping block.”