WASHINGTON, D.C. – Today, House Ways and Means Committee Chairman Kevin Brady (R-TX) issued the following statement after the U.S. Bureau of Economic Analysis released its report on Gross Domestic Product (GDP) in the third quarter of 2016.
“I’m glad to see that our economy picked up some steam this past quarter – but we are going to have to grow at a much stronger rate in order to make up for the lost jobs, earnings, growth, and investment that have plagued our communities over the last eight years. The simple fact remains that this Administration’s policies have led to less-than-two-percent annual economic growth—and we cannot accept that as the new normal. Our global competitors continue to gain economic strength as American businesses move overseas, employers are cutting hours and freezing wages, and families are struggling to afford basic needs like health care.
“As a new year and a new Administration near, House Republicans are ready to work with a new President on the bold tax reform, strong trade agreements, and deregulation needed to get this economy moving again.”
NOTE: Real GDP increased at an annual rate of 2.9 percent in the third quarter of 2016. Over the past year, real GDP grew by 1.5 percent.