President Biden blew previous the three% mark in GDP progress, which Trump proclaimed nice, because the economic system grew at a 4.9% fee.
Right here is the great financial information:
JUST IN: US GDP soared to a blockbuster 4.9% in Q3. That’s the best for the reason that finish of 2021 and a giant uptick from 2.1% in Q2.
Sturdy client spending and gov’t spending drove the expansion.
Backside line: No recession in sight. pic.twitter.com/xRmOFfqIBF
— Heather Lengthy (@byHeatherLong) October 26, 2023
Shoppers are spending, which means that persons are not enthusiastic about a recession.
The Washington Submit added some context:
New authorities information launched Thursday by the Bureau of Financial Evaluation exhibits that gross home product expanded between July and September, capping 5 straight quarters of progress and eluding a long-feared recession.
The economic system’s resilience is a product of a robust job market and additional pandemic financial savings, which have made it attainable for individuals to maintain spending regardless of inflation and rising rates of interest. Strong authorities hiring — together with 214,000 new jobs between July and September — additionally added to general power.
Trump has touted his economic system as the best in historical past, however listed below are his GDP numbers:
2017: +2.3%
2018: +3%
2019: +2.2%
2020: -3.7%
Trump claimed that 3% GDP could be a booming economic system, and if that’s the case, Biden is setting some wonderful requirements by Trump’s personal metric.
President Biden is proving that tax cuts for the wealthy don’t develop the economic system, Reducing taxes for the rich and companies strangles financial progress and causes recessions. A latest examine confirmed that Bidenomics is spurring progress as a result of when an economic system provides the individuals who spend essentially the most cash the chance to earn extra, it’s higher for everybody.
The media retains spinning good financial information as unhealthy, however these new numbers are simple.
Inflation stays an issue, however the US economic system isn’t slipping into recession, and Joe Biden is delivering some blockbuster numbers.
Jason is the managing editor. He’s additionally a White Home Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Diploma in Political Science. His graduate work targeted on public coverage, with a specialization in social reform actions.
Awards and Skilled Memberships
Member of the Society of Skilled Journalists and The American Political Science Affiliation
