Washington, D.C.—Today, Senator Martin Heinrich (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Economic Analysis (BEA) reported its initial estimate that real third-quarter gross domestic product (GDP) expanded 4.9% on an annual basis.
“About a year ago, economic doomsayers predicted there was a 100% chance we’d be in a recession by this October. Instead, today’s data show higher than expected economic growth that was led by consumer spending, investment, and government spending.
“The American economy continues to exceed expectations, thanks to smart economic policies promoted by the Biden administration and Democrats in Congress. But we know we need to keep pushing for good policies in order to sustain this growth for the American people and our planet.
“Higher interest rates make it harder for both the public and private sectors to borrow and invest in clean energy production, more housing supply, and U.S. manufacturing because of higher borrowing costs. Though today’s numbers show that our economy is still expanding, headwinds from higher rates in the future are another reason the Fed should exercise caution in its coming interest rate decisions.
“My goal is to make sure families in New Mexico and across the country have economic stability, peace of mind as they raise their children, and security in their retirement, and I’ll keep working towards that goal.”
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About Chairman Martin Heinrich
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.
About the U.S. Congress Joint Economic Committee
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.
