Biden reacts to underwhelming GDP report: ‘The American economy remains strong’

President Biden Celebrates Strong American Economy

President Joe Biden is celebrating the latest gross domestic product report, which shows that the American economy remains strong and is transitioning to steady and stable growth.

Economy Grew by 1.1% in First Quarter of 2023 Despite Rising Rates

The Bureau of Economic Analysis published data on Thursday morning, revealing that the economy grew at a rate of 1.1% in the first quarter of 2023. Although this fell short of projections and the 2.6% posted in the fourth quarter of 2022, the data did show a degree of economic resilience, despite repeated rate hikes from the Federal Reserve aimed at combating inflation. Consumer spending also accelerated to 3.7% annually.

President Biden wrote, “This past quarter, real personal disposable income increased and American consumers continued to spend, even as the overall pace of growth moderated. This follows reports that our economy added more than 300,000 jobs per month during the quarter, the unemployment rate remained near a 50-year low, and workforce participation for working-age Americans is the highest in 15 years.”

President Biden’s “Investing in America” agenda is rebuilding the economy from the middle out and the bottom up, following decades of failed trickle-down economic policies. “By investing in manufacturing and building out our supply chains, we are creating good-paying jobs here at home that you can raise a family on, lowering the costs of energy and the Internet to give hardworking Americans more breathing room, and making sure that no community is left behind,” he closed. “These policies have helped the economy create a record 12.5 million jobs over the past two years — and nearly 800,000 manufacturing jobs.”

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Economy and Inflation Remain Biden’s Largest Domestic Vulnerability

Voters consistently point to inflation as their top domestic issue, and most experts expect the economy to shrink further throughout the remainder of 2023. However, President Biden remains optimistic about the future of the American economy and is committed to investing in policies that benefit all Americans.