GDP GREW AT ANNUAL RATE OF 2.6% IN 3RD QUARTER, JOB CREATORS NETWORK REACTS
Washington, DC (October 27, 2022) – Today, the Bureau of Economic Analysis announced that Gross Domestic Product (GDP) rose at a 2.6 percent annual rate in the third quarter of 2022.
Alfredo Ortiz, President and CEO of the Job Creators Network (JCN), released the following statement:
“After declining for two straight quarters, GDP technically rose, but there is nothing to celebrate. The entire GDP increase is due to the contribution from net exports, which is part of what makes up GDP but doesn’t say much about our underlying economy. Exports related to helping Ukraine defend itself in the Russia-Ukraine War and ongoing supply-chain turmoil that’s reducing imports have artificially boosted net exports and overall GDP. The real economy is still in a recessionary environment.
We need a course correction, and Americans are set to deliver it. Candidates who support pro-growth policies are gaining momentum in the midterm elections which means the next Congress is poised to stop and reverse many of the Administration’s worst policies. JCN’s ‘American Small Business Recovery Plan’ is a framework for the next Congress to restart America’s economic engine. Yesterday, JCN completed its three-week, multi-state bus tour promoting the plan and we’re excited by the response we’ve received. We will continue pushing the smart, common-sense policies to empower our small business community and revitalize our economy.”