NEW REPORT, Yarmuth Statement on Q3 GDP: Economy Remains in Massive Hole Due to Administration’s Economic & COVID-19 Failures

Oct 29, 2020

Washington, D.C.— Today, Representative John Yarmuth, Chairman of the House Budget Committee, released a statement in response to the U.S. Bureau of Economic Analysis (BEA)’s third quarter GDP report and in conjunction with a new report from the House Budget Committee outlining President Trump’s economic failures leading up to and during the coronavirus pandemic and the resulting recession.

The report highlights how, despite inheriting a growing economy and low unemployment from the previous Administration, President Trump squandered countless opportunities to address longstanding economic challenges, strengthen families’ economic security, and invest in our future prosperity. During his first three years in office, President Trump failed to achieve any of his economic promises – while actually slowing job growth and widening economic inequalities – before running the economy further into the ground with his mismanagement of COVID-19. 

“While President Trump is touting this quarter’s growth, he’s purposely hiding the reasoning behind these numbers: last quarter’s historic collapse,” said Chairman Yarmuth. “President Trump inherited a growing economy from the Obama-Biden Administration, which he was squandering before the COVID crisis even hit. His total failure in responding to the pandemic created another crisis – the worst U.S. economy since the Great Depression.”

“The President never seems to miss an opportunity to mislead the American people. This time by claiming this quarterly rise in GDP shows anything other an economic recovery that has a long way to go, momentum that is slowing, and the desperate need for additional fiscal relief.”

Report can be viewed here. PDF version available here.