Statement by President Joe Biden on Gross Domestic Product

The American economy — powered by working families — continues to be resilient in the face of historic challenges. Last quarter, consumer spending, business investment, and residential investment increased at strong rates. The number of Americans on unemployment insurance remains at the lowest level since 1970. Later this morning, I will meet with small business owners who are creating and growing their businesses at a historic rate. While last quarter’s growth estimate was affected by technical factors, the United States confronts the challenges of COVID-19 around the world, Putin’s unprovoked invasion of Ukraine, and global inflation from a position of strength.

We need to keep making progress — cutting costs for working families, making more in America, and creating good-paying jobs you can raise a middle-class family on. Congressional Republicans, led by Senator Scott, believe the way to fight these global challenges is by raising taxes on middle class families, including half of small business owners. I have a different approach. Congress should send to my desk a bipartisan innovation bill to bolster our supply chains and make more in America. And Congress needs to pass legislation to lower costs and lower the deficit, reducing families’ prescription drug and utility bills and restoring fairness to our tax code — without raising taxes on anyone making less than $400,000 per year. That’s how we grow our economy and strengthen the middle class.

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