WASHINGTON, D.C. — Today, Joint Economic Committee Vice Chairman David Schweikert released the following statement after the Bureau of Economic Analysis GDP estimate for the first quarter of 2024 came in at 1.6%, slower than the 2.7% Atlanta Fed nowcast final estimate.

“Today’s news that the economy grew 1.6% shows that once again, President Biden overpromised and underperformed in setting expectations for economic growth,” said Vice Chairman Schweikert. “On top of the slowest growth pace in nearly two years, core PCE prices were up 3.7%, indicating that inflation is still affecting Americans’ livelihoods. While the Biden Administration spends more of Americans’ hard-earned money and continues to add to our ballooning national debt, families are grappling with persistent inflation that’s putting a severe strain on their pocketbooks. Despite the President’s efforts to sell the economy as robust, the reality is that hardworking Americans are struggling to keep up with the rising costs of this administration’s failed economic policies.”