President Joe Biden took a nice victory lap for the economy under his watch and Vice President Kamala Harris as the economy grew more than expected by 2.8% in the second quarter.
“When I took office, we were in the midst of the worst economic crisis since the Great Depression. Today’s GDP report makes clear that we now have the strongest economy in the world,” President Biden said in a statement sent to PoliticusUSA.
The President made sure to include the work of Vice President and presumptive Democratic presidential candidate Kamala Harris while taking due credit for the remarkable changes the US has managed under its leadership.
Thanks to the economic agenda and Vice President Harris, our economy grew by 2.8% in the last quarter, based on strong American consumers and business investment. We’ve created nearly 16 million jobs, wages are up, and inflation is down. We are rebuilding the Nation and bringing manufacturing back to America.
This was more than expected and was driven by consumer spending, with business investment and government spending also helping according to Heather Long of the Washington Post.
JUST IN: Strong growth in Q2. The US economy grew 2.8% in Q2 2024. That was higher than expectations of 1.9% and a big increase from 1.4% in Q1.
Consumer spending is key (+2.3% in the quarter). Government investment and spending also helped.
Bottom line: The economy remains… pic.twitter.com/9RQX3BuW2E
— Heather Long (@byHeatherLong) July 25, 2024
One thing about Democrats is that they have learned not to present good economic news as final or perfect, unlike their Republican counterparts when they are in the White House. There is always work to be done.
Also, Joe Biden isn’t going anywhere for the next six months.
“But there is more to do. Over the next six months, I will continue to do my job as President: reduce costs for hardworking families and improve our economy,” the President said. He also compared his goals to Congressional Republicans, “Republicans in Congress have a different plan—one that will drag our country backward by prioritizing special interests. The Vice President and I will continue to fight for America’s future—a future of promise and possibility, where ordinary Americans do things. which is extraordinary.
Strong GDP isn’t good news for those hoping for rate cuts, but it does speak to “a very good US economy,” says Paul Krugman.
“Both growth and inflation came in above expectations for the 2nd quarter, dampening hopes for a quick rate cut. But step back and consider how the US economy compares to the recession and stagflation warnings we heard in 2022”.
The economy of the United States under President Biden and Vice President Harris has made a remarkable and encouraging recovery compared to other industrialized countries after the pandemic. President Biden has used the recovery to radically transform the country back into a manufacturing hub, which not only provides good jobs but also improves national security and supply chains.
Joe Biden’s economic policies are working. They are contrary to the policies offered by the Republican Party, which favors the rich and seeks to justify taxing the middle class and putting the burden of patriotic input into our country on the working class. President Biden has turned these points of nonsense on their head with cold, hard reality.
The proof is in the pudding. President Joe Biden is going to invest in America itself instead of the billionaire class, and pay off. In 3.5 years, the President deserves to take a victory lap for the economy.
Will he get credit from the media? It’s impossible.