Boyle Statement on Second Quarter 2024 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 second quarter Gross Domestic Product (GDP) for 2024. The report indicates that GDP grew 2.8 percent on an annualized basis in Q2:

“For eight straight quarters — two full years — we have seen economic growth continue despite elevated interest rates,” said Ranking Member Boyle. “President Biden and Vice President Harris brought America back from the depths of the COVID-19 pandemic, delivering over 15 million new jobs, a manufacturing boom, and unemployment near record lows. Together, we are fighting to continue lowering costs and ensure our prosperity reaches every family and community — and I continue to urge Chairman Powell and the Fed to protect our progress by lowering these dangerously high rates.”

“Four years ago, the U.S. economy experienced the greatest drop in history. Tens of millions of Americans were out of work, the pandemic was taking lives and destroying livelihoods, and Donald Trump was in the White House suggesting Americans inject themselves with bleach. Trump and his MAGA allies failed to keep the American people safe, failed to protect our economy, failed to defend democracy, and through Trump’s Project 2025, continue to propose policies that only add to that mountain of failures. We can’t turn back the clock on our progress, and while House Republicans would be a rubber stamp for Trump’s Project 2025 agenda, House Democrats are working to expand the middle class and protect Medicare and Social Security.”

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