Brady: Red flags in GDP report as inflation rages and incomes fall
Top Republican on the House Committee on Ways and Means Rep. Kevin Brady (R-TX) issued the following statement on Thursday’s Bureau of Economic Analysis report for gross domestic product during the October-through-December period:
“For the first time in his term, President Biden finally met quarterly GDP expectations — even if they were dumbed down significantly because of last year’s poor performance.
“There are real red flags here, with raging inflation, a massive drop in real disposable income, and GDP growth driven primarily by a temporary build-up in inventories. Without that, the economy slogged along by less than 2 percent last quarter.
“Given that many Americans have lost confidence in his competency to heal the economy, it’s too soon for President Biden be celebrating with the challenges workers and families face.”