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Rep. Lisa McClain, Chairwoman

Press Releases

U.S. Economy Enters Recession, Shrinks Additional 0.9% As Congressional Democrats Push Revived Socialist Reconciliation Agenda

Washington, DC, July 28, 2022

The Far-Left Socialist policies of President Biden and the House Democrats have led our economy into a recession. The real gross domestic product (GDP) decreased at an annual rate of 0.9% in the second quarter of 2022, according to an advanced estimate released by the Bureau of Economic Analysis. This follows a GDP decline of 1.6% within the first quarter, meaning that we have hit the rule-of-thumb recession definition: two consecutive quarters with negative GDP readings. BIDEN’S ECONOMIC CRISIS BY THE NUMBERS: 

  • Inflation is a tax on ALL Americans.
  • Click HERE to see how much Biden-flation has impacted your home state.
  • In June, the CPI soared 9.1% for the 12 months ending June, the largest 12-month increase since the period ending December 1981.
  • Biden’s inflation crisis has cost the average American worker OVER $3,000 in annual income.
  • The skyrocketing cost of goods and services will cost the average American household nearly $6,000.
  • Real average hourly earnings decreased 3.6%, seasonally adjusted, from June 2021 to June 2022 because of Biden’s inflation crisis.
  • Americans are paying more for just about everything because of inflation.
  • America’s families will spend on average OVER $600 per student this year on back-to-school shopping – this is UP nearly 30% from 2019.
  • According to a new Fox News poll, a shocking 75% of Americans reported experiencing hardship because of inflation.
    • According to the National Federation of Independent Businesses, inflation is the top problem reported by businesses – the highest rating since 1980.
    • The majority of Americans think the economy will be even WORSE next year.
  • 54% of Americans say the middle class has not benefited from this administration’s failed Far-Left policies.
  • Last year, Joe Biden told the American people that inflation was just “temporary,” which was FALSE.
IT'S SIMPLE: Instead of addressing the root cause of inflation, out-of-control government spending, Joe Biden and Congressional Democrats are now pushing for a revived 'Build Back Broke’ agenda, doubling down on their Far-Left Socialist policies, that have led our economy into a recession.