Republicans have been lying about President Biden’s economy. In reality, POTUS has sharply turned the economy around from where it was when he took office. The administration’s Commerce Department just announced the Gross Domestic Product (GDP) accelerated at an annualized rate of 2.6 percent in the country’s third quarter, between July and September. A dramatic reversal from the two previous quarters.
Economists only anticipated the GDP third quarter would increase with an annualized rate of 2.3 percent. The Bureau of Economics Analysis Report released Thursday showed Biden’s remarkable increase after a decline of 1.6 percent in the second quarter and 0.6 percent in the third quarter of 2022, CNBC reported.
The 2.6 annualized increase meant that had the GDP increased as much as it did in the last quarter over the entire year, 12 months, the U.S. economy would have grown 2.6 percent, according to CNBC. President Biden spoke about “further evidence [of] economic recovery:”
‘For months, doomsayers have been arguing that the US economy is in a recession and Congressional Republicans have been rooting for a downturn. But with today’s Third Quarter GDP Report, we got further evidence that our economic recovery is continuing to power forward.’
“The labor market is solid,” The Axios reported:
‘The labor market is solid, with the unemployment rate at the lowest level in over 50 years.’
True, Europe has been facing a slowdown, but that does not mean America will follow suit. The reason for the first- and second-quarter GDP downturn was the import statistics. America has increased exports dramatically under Biden, which led to the rebound. Conversely, U.S. imports were way down in the third quarter with voters moving from imports to services.
Americans have held strong on spending throughout the third quarter, moving upward 2 percent in the second quarter and 1.4 percent in the third. Business spending, that is final sales to private domestic purchasers, rose just 0.1 percent in the third quarter.
News outlets and political opponents have been predicting more inflation and a recession. However by doing so, they influenced that trend. As evidenced by the rebound, Biden’s administration has avoided a recession. Thus far, the Federal Reserve’s only tool against inflation has been to raise interest rates. Now the Fed may place a halt on its increases.
Key sectors have been somewhat wobbly. The Gross Private Domestic Investment moved down 8.5 percent in the third quarter. Building did decrease by 15.3 percent as spending on homes dropped. 26.4 percent.
Christie writes Gloria Christie Reports & Three White Lions Substack newsletters and a Three White Lions podcast available on Apple, Spotify, etc. She is a political journalist for the liberal online newspaper The Bipartisan Report. Written in her own unique style with a twist of humor. Christie’s Mueller Report Adventures In Bite-Sizes a real-life compelling spy mystery (in progress). Find her here on Facebook. Or at Three White Lions her book on Amazon Kindle Vella and the Gloria Christie Three White Lions podcast on Apple, Spotify, etc.