Washington, D.C. - U.S. Congresswoman Mayra Flores (TX-34) released the following statement on the U.S. economy officially entering a recession, after the U.S. economy shrank 1.6% in Q1 and 0.9% in Q2, 2022:
"The White House is trying to fool Americans into believing what numbers can't hide, the economy is in a recession and this is due to their failed liberal economic policies. The people of TX-34 know the truth and wont be fooled by the Democrats attempt to redefine what a recession is. Just two years ago, we all had more money in our pockets, our small businesses were prospering and our savings and retirement accounts were growing."
The GDP comes at a time of record high inflation, the highest in 40 years, and a recent Federal Reserve hike of 0.75% just this week, making borrowing more expensive for both consumers and small businesses.