WASHINGTON—Heritage economic experts Joel Griffith and Peter St. Onge released the following statement Thursday in response to new economic data:  

“The U.S. economy remains 1.6% below the pre-pandemic trend, and the Biden administration's policies are pushing us in the wrong direction. Today’s new data largely represents just a backfill of what we lost in the past two years of destructive lockdowns and foolish federal policies. 

 

“The Biden economy is a mess. The rising cost of living—especially for housing, energy, and food—continues to squeeze families. Millions fewer Americans are working today compared to just two years ago, despite jobs being in ample supply. Excessive federal unemployment benefits have made not working more economically attractive than maintaining a job, causing many to drop out of the work force altogether. 

 

“The Biden administration’s embrace of radical, socialist policies will only increase the pain working families are feeling. More COVID mandates and restrictions, the war on energy development, more government debt, expanded government economic control, and seemingly limitless monetary expansion by the Fed risks economy misery, more inflation, and lost freedom.”