Cole Statement on Shrinking U.S. Economy

Washington, D.C. – Congressman Tom Cole (OK-04) released the following statement after the Bureau of Economic Analysis this week released findings that America's gross domestic product (GDP) decreased at an annual rate of 1.4 percent in the first quarter of 2022.

"While Americans are already dealing with supply chain shortages and delays and sharply increasing prices on almost everything, they are now also presented with the alarming challenge of a shrinking U.S. economy. Not only is this decline far below economists' expectations, but it is also the weakest showing since coronavirus pandemic recovery began almost two years ago. Make no mistake, the misguided policies and out-of-control spending proposed and advanced by President Joe Biden and Democrats are directly responsible for moving our nation even closer to a recession, which threatens the American way of life."

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