U.S. Sen. Martin Heinrich

JEC News:

WASHINGTON, D.C. — U.S. Sen. Martin Heinrich (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement today after the Bureau of Economic Analysis (BEA) reported its initial estimate that real third-quarter gross domestic product (GDP) expanded 4.9 percent on an annual basis.  

“About a year ago, economic doomsayers predicted there was a 100 percent chance we’d be in a recession by this October. Instead, today’s data show higher than expected economic growth that was led by consumer spending, investment, and government spending.  

“The American economy continues to exceed expectations, thanks to smart economic policies promoted by the Biden administration and Democrats in Congress. But we know we need to keep pushing for good policies in order to sustain this growth for the American people and our planet.  

“Higher interest rates make it harder for both the public and private sectors to borrow and invest in clean energy production, more housing supply, and U.S. manufacturing because of higher borrowing costs. Though today’s numbers show that our economy is still expanding, headwinds from higher rates in the future are another reason the Fed should exercise caution in its coming interest rate decisions. 

“My goal is to make sure families in New Mexico and across the country have economic stability, peace of mind as they raise their children, and security in their retirement, and I’ll keep working towards that goal.”