FOR IMMEDIATE RELEASE:
July 26, 2024
CONTACT: [email protected]
One Country Statement on 2024 Q2 GDP Growth
WASHINGTON, D.C. – Today, One Country Project (OCP) issued the following statement regarding the Bureau of Economic Analysis’ (BEA) second quarter gross domestic product (GDP) report:
“Amongst recent weeks’ whirlwind of breaking news, today’s GDP report gave us reassurance that even while our election season is tumultuous, our economy is strong and steady.
“The Biden-Harris administration has skillfully navigated the COVID-19 pandemic’s economic fallout. The administration has successfully kept unemployment low and has not only restored jobs lost during the pandemic but added over 5 million more than February 2020's levels. Q2’s 2.8 percent GDP growth – faster than Q1’s 1.4 percent pace – adds to that story of recovery and resilience, proving that American households continue to spend as incomes rise, inflation cools, and businesses continue to invest in growth.
“For rural ‘left-behind’ counties, this has been a story of revitalization as well. The strong pre-pandemic economy failed to uplift them and the pandemic recession hit them harder. Yet the Biden-Harris administration has seen these left-behind counties undergo a new-business boom, adding jobs five times faster under Biden’s first three years in office compared to Trump’s. Brain drain has been stemmed, as opportunities that seemed to have dried-up have begun flowing in once again.
“This news, however, is not a celebration of achievement so much as an encouraging sign as we move forward. Working Americans are seeing increases in wages, but still are waiting to feel prices of essential goods – particularly groceries – ease. As we work towards creating a strong economy, OCP seeks to coordinate with policymakers to ensure that it’s an economy that works for everyone, especially lower-income and middle-class families and hardworking rural Americans. Even in an ever-evolving nation, it’s vital that American households feel financially secure and ready to face the future.”
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About One Country Project
Rural America holds an essential role in moving the United States forward and the One Country Project is dedicated to ensuring rural America’s priorities and values are heard and reflected in policy at the federal level. To learn more, visit us at www.onecountryproject.com or on Twitter or Facebook.