WASHINGTON, D.C. — Today, Joint Economic Committee Vice Chairman David Schweikert released the following statement after the Bureau of Economic Analysis estimated that real GDP for the first quarter of 2024 grew at just 1.3 percent, which was down from the initial 1.6 percent growth rate estimate.

“The U.S. economy continues to move backwards under President Biden,” said Vice Chairman Schweikert. “Today’s downward GDP growth revision reveals a critical slowdown in consumer spending as inflation remains well above the Fed’s 2 percent target. But the Biden administration cannot sugarcoat the facts. Hardworking families are struggling to get by as their purchasing power wanes and prices continue to rise.” 

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