Washington, D.C.—Today, Congressman Don Beyer (D-VA) released the following statement after the Bureau of Economic Analysis (BEA) reported its initial estimate of fourth quarter gross domestic product (GDP), showing that real GDP grew at an annual rate of 4.0%.
Overall, real GDP decreased by 3.5% in 2020—the first year since 2009 that the U.S. experienced negative economic growth.
“That our economy is smaller than it was a year ago—a first in over a decade—means that theWashington, D.C.—Today, Congressman Don Beyer (D-VA) released the following statement after the Bureau of Economic Analysis (BEA) reported its initial estimate of fourth quarter gross domestic product (GDP), showing that real GDP grew at an annual rate of 4.0%.
Overall, real GDP decreased by 3.5% in 2020—the first year since 2009 that the U.S. experienced negative economic growth.
“That our economy is smaller than it was a year ago—a first in over a decade—means that the previous president left Americans in a lot of pain. But you do not have to look any further than the local movie theater, gym or restaurant to know that the economy President Biden inherited is weak.
“In addition to producing less goods and services in 2020 than we did in 2019, we have almost 10 million fewer jobs than we had a year ago and nearly a million people filing for unemployment each week. It will take years to climb out of this economic hole that the previous president put us in.
“To bring about a strong, inclusive recovery we need to meet current challenges with big, bold action. This means making sure families, workers, businesses and state and local governments have the support they need to survive the health and economic impacts of the pandemic. The good news is that President Biden understands this and has, through his American Rescue Plan, proposed big, bold action to build our economy back better.” previous president left Americans in a lot of pain. But you do not have to look any further than the local movie theater, gym or restaurant to know that the economy President Biden inherited is weak.
“In addition to producing less goods and services in 2020 than we did in 2019, we have almost 10 million fewer jobs than we had a year ago and nearly a million people filing for unemployment each week. It will take years to climb out of this economic hole that the previous president put us in.
“To bring about a strong, inclusive recovery we need to meet current challenges with big, bold action. This means making sure families, workers, businesses and state and local governments have the support they need to survive the health and economic impacts of the pandemic. The good news is that President Biden understands this and has, through his American Rescue Plan, proposed big, bold action to build our economy back better.”
