Biden hails positive GDP report as a win for his economic agenda: ‘Under my leadership
President Biden Celebrates Strong Economic Growth
President Joe Biden touted the Bureau of Economic Analysis’s strong gross domestic product report as an outgrowth of his plan to grow “the economy from the middle out and the bottom up.”
The BEA’s report, adjusted for inflation, showed the economy growing 3.3% in the fourth quarter of 2023, surpassing expectations and alleviating concerns of a recession. For the entire year, GDP grew 2.5% on average, with a 3.1% relative change compared to the previous year.
In his statement, Biden highlighted the 3.1% rate change and emphasized the addition of 2.7 million jobs, along with easing core inflation.
“As a result, wages, wealth, and employment are higher now than they were before the pandemic. That’s fantastic news for American families and workers. This marks three consecutive years of growing the economy from the middle out and the bottom up under my leadership,” the president wrote. “However, our work is not yet complete. I will continue to fight for cost reduction, from implementing groundbreaking legislation to lower prescription drug costs, health insurance premiums, and clean energy expenses, to addressing hidden fees that companies use to exploit consumers, and urging large corporations to pass on their savings to consumers.”
The report coincides with Biden’s launch of his 2024 reelection campaign, where he promotes his economic agenda, known as “Bidenomics,” while addressing real concerns about inflation that have significantly impacted grocery bills. Biden will travel to Wisconsin on Thursday to emphasize the importance of Bidenomics in fostering business growth and job creation.
In his statement, Biden cautioned that Republican victories in the upcoming election would result in “massive giveaways to the wealthy and large corporations, while increasing your expenses and cutting Social Security, Medicare, and Medicaid.”
“That’s not how we provide American families with more financial flexibility,” he concluded.
Thursday’s report far exceeded GDP projections made by the Federal Reserve last spring, which predicted an annual growth rate of only 0.5%, and represents the strongest GDP growth since 2018.
However, the Fed has not yet made a decision on future interest rate hikes, and some experts are predicting a mild recession in 2024.
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How does President Biden credit his administration’s economic policies for the positive economic growth and job creation?
He President declared.
Biden credited his administration’s economic policies, including the passage of the Build Back Better Act, for the positive economic growth and job creation. The Build Back Better Act, which was signed into law last year, aimed to invest in key sectors such as infrastructure, clean energy, and healthcare, with the goal of stimulating the economy and creating millions of well-paying jobs.
“The Build Back Better Act is already making a real difference in people’s lives. It has helped us recover from the pandemic and rebuild our economy stronger than ever,” Biden asserted. “We are seeing the results of our investments in infrastructure, innovation, and the American workforce.”
The President also underscored the importance of the American Rescue Plan, a COVID-19 relief package that was passed shortly after his inauguration. He pointed out that the economic recovery would not have been possible without the direct cash payments, enhanced unemployment benefits, and support to small businesses provided by the American Rescue Plan.
“We acted swiftly and decisively to provide relief to those who needed it most. This targeted and bold action has been a driving force behind our economic bounce-back,” Biden stated.
Biden’s remarks were met with mixed reactions from economists and political pundits. While some hailed the strong GDP growth as a sign of successful economic policy, others raised concerns about inflation and the impact of government spending on the national debt.
Republicans, in particular, criticized Biden’s economic approach, arguing that the growth was temporary and unsustainable given the massive increase in government spending. They pointed to rising inflation rates, increasing gas prices, and the burden placed on future generations to repay the national debt.
However, supporters of the Biden administration argue that the economic growth reflects the effectiveness of their approach to address both the immediate effects of the pandemic and the long-term structural issues facing the economy. They believe that the investments in infrastructure, clean energy, and healthcare will lead to sustained growth and job creation in the years to come.
Biden concluded his statement by reiterating his commitment to continue working towards an inclusive and resilient economy that benefits all Americans.
“Our work is far from over, but with the right policies in place, there is no limit to what we can achieve. Together, we will build an economy that rewards hard work, uplifts the middle class, and creates opportunities for everyone,” President Biden vowed.
As the Biden administration celebrates the strong economic growth, the focus now turns to sustaining and building upon this momentum to ensure a prosperous future for the nation.
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