Washington, D.C.-- U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the following statement after the gross domestic product (GDP) fell 0.9 percent for the period, following a 1.6 percent decline in the first quarter.
“GDP has declined for two consecutive quarters as inflation continues to rage. Democrats’ economic policies took an economy rapidly recovering from pandemic shutdowns—a recovery fueled by the underlying pro-growth Tax Cuts and Jobs Act tax policies—and turned it into an economy suffering from painful stagflation. Splitting hairs on technical definitions about what is or is not a ‘recession’ is a distraction from the pain Americans continue to feel at the pump, in the grocery aisles and, now, from threats of a declining economy.
“Whatever label Democrats want to debate, we know Americans and small businesses are hurting, as consumer and business confidence and outlooks continue to crater. Democrats’ ongoing attempts to raise taxes and increase spending would be yet another policy mistake that would further weaken the economy and the wellbeing of all Americans.”