Hoyer Statement on GDP Report
Growth of 2.4% Is Higher Than Rate of Economic Growth in More than Half of the Quarters Under the Bush Administration

WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today after the Department of Commerce released a revised Gross Domestic Product (GDP) number for the first quarter of 2010 and a new number for the second quarter:

“Today we learned that the U.S. economy grew by 2.4% between the months of April and June—meaning that our economy has consistently grown every quarter for a year. The last time our economy grew for four quarters in a row was 2007. While there is still much to be done, our economy is recovering from the crisis inherited by President Obama from President Bush. A recent report (http://www.nytimes.com/2010/07/28/busin ... te=twitter) shows that without the actions taken since the height of the crisis, economic growth ‘in 2010 would be about 6 ½% lower [and] payroll employment would be less by some 8 ½ million jobs.’ The report also concluded that ‘the stimulus has done what it was supposed to do: end the Great Recession and spur recovery.’

“For the millions of Americans who remain out of work, the recession has not ended. So Democrats are committed to passing legislation that continues to create jobs, whether by sparking our manufacturing industry with the Make it in America agenda, ending the tax loopholes that encourage corporations to send American jobs overseas, or helping small businesses secure the credit they need to innovate and expand. Unfortunately, Republicans continue to press for a return to the failed policies of President Bush instead of working to move our economy forward.”


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