news

Congressman Bob Latta (R-OH5) issued the following statement after the release of the Gross Domestic Product (GDP) Report from the Bureau of Economic Analysis. The report showed that during the most recent quarter, GDP decreased by – (0.9%), representing the second consecutive quarter of negative growth. Traditionally, two quarters of negative GDP growth has been accepted by experts to signify the onset of a recession. For example, the last 10 times there have been two consecutive quarters of negative growth, the U.S. economy was classified as being in a recession.

“Today’s GDP report reveals what many of us have feared– the economy is falling into a recession. A slowing economy and record inflation is a recipe for disaster, and it’s going to squeeze thousands of families in Ohio. Unfortunately, this outcome was entirely predictable due to the policies of the White House and their allies in Congress. Out-of-control spending, mountains of red tape for small businesses, a supply chain that remains broken, and handcuffs on domestic energy production – these policies have gotten us to the place we are today.

“While the White House has tried to change the definition of a recession to solve their political problems, it’s more important that we actually implement solutions that will help hardworking Americans. For instance, we can stop spending money that we don’t have. We can fully unleash North American energy to lower costs. We can cut red tape on U.S. businesses so they can meet our supply needs.

“Redefining a recession isn’t going to help the 88% of Americans that say we’re on the wrong track – we need real solutions.”

###