THE WOODLANDS, TX – The top Republican on the House Ways and Means Committee Kevin Brady (R-TX) released the following statement in response to the Bureau of Labor Statistics estimate for GDP growth for the third quarter of 2020:
“After Covid-19 devastated America’s strong economy almost overnight, the Trump economy did the impossible – it battled back with the largest single quarter of economic growth in America’s history. This smashes expectations, beating economists’ original growth estimates by a stunning 400 percent.
“We still have a ways to go in our recovery, and there is no question Speaker Pelosi is working to sabotage America’s economy ahead of the election. But look at the contrast – the worst economic recovery in our lifetimes under Obama-Biden, the strongest labor market recovery from an economic crisis under President Trump.
“Who do you trust to rebuild America’s economy? Biden who pledges to raise your taxes, destroy energy jobs, and drive American manufacturing jobs overseas as he already did? Or President Trump, who cut taxes, raised paychecks, created 500,000 U.S. manufacturing jobs, and lifted 2.5 million Americans out of poverty?
“The President and House Republicans will continue to fight for workers as our economy rebuilds.”
Note: Real gross domestic product (GDP) grew at an annual rate of 33.1 percent in the third quarter of 2020, according to the Bureau of Economic Analysis. Economists originally only expected GDP to rise around 6.2 percent in the third quarter, according to the Wall Street Journal.
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