President Joe Biden scored a well-deserved victory in an economy he and Vice President Kamala Harris have led, with second-quarter economic growth well above expectations at 2.8%.
“When I took office, we were in the midst of the worst economic crisis since the Great Depression. Today’s Gross Domestic Product report makes it clear that we now have the strongest economy in the world,” President Biden said in a message to Politico ” stated in the statement.
The president made sure to include the work of Vice President and Democratic presidential candidate Kamala Harris, while giving appropriate credit for the amazing transformation America has achieved under their leadership.
“Thanks to Vice President Harris and I’s economic agenda, our economy grew a strong 2.8% last quarter based on strong American consumer and business investment. We created nearly 16 million jobs, wages rose, and inflation It’s going down. We’re rebuilding the country and bringing manufacturing back to America.
The Post’s Heather Long said that was well above expectations and was driven by consumer spending, with business investment and government spending also helping.
JUST IN: Strong growth in second quarter. The U.S. economy grew by 2.8% in the second quarter of 2024, much higher than the 1.9% forecast and a sharp jump from the 1.4% in the first quarter.
Consumer spending is key (up 2.3% in the quarter). Business investment and government spending also help.
Bottom line: The economy sustains… pic.twitter.com/9RQX3BuW2E
— Heather Long (@byHeatherLong) July 25, 2024
One thing about Democrats is that they have learned not to tout good economic news as the endgame or perfection, unlike their Republican counterparts in the White House. There is always work to be done.
Furthermore, Joe Biden isn’t going anywhere for the next six months.
“But we have more to do. Over the next six months, I will continue to carry out the duties of the President: lowering costs for hardworking families and growing our economy,” the president said. He also contrasted his goals with congressional Republicans, saying, “Congressional Republicans have a different plan – one that puts special interests first and drags down our country. The Vice President and I will continue to fight for the future of America.” Struggle—a future full of hope and possibility, a future in which ordinary Americans do extraordinary things.
Paul Kluman pointed out that strong GDP is not good news for those who hope to cut interest rates, but it does mean that “the U.S. economy is doing incredibly well.”
“Second-quarter economic growth and inflation were both higher than expected, dampening hopes for a quick rate cut. But step back and think about how the U.S. economy is doing compared with the dire warnings of recession and stagflation we’re hearing in 2022. How unbelievable.”
Compared with other industrial countries, the U.S. economy under the leadership of President Biden and Vice President Harris has achieved an amazing and enviable recovery after the epidemic. President Biden is leveraging the economic recovery to fundamentally transform the country into a manufacturing hub that not only provides good jobs but also strengthens our national security and supply chains.
Joe Biden’s economic policies are working. They run counter to the policies proposed by Republicans that benefit the rich and seek to justify taxing the middle class and placing the burden of patriotic investment on the working class. President Biden is flipping those tired drip-drip talking points on their head with cold, hard facts.
The proof is in the pudding. President Joe Biden is starting to invest in America itself instead of the billionaire class, and it’s paying off. After 3 1/2 years in office, the president deserves a victory for his economy.
Will he get praise from the media? Not too possible.
Sarah has been granted coverage of President Barack Obama, then-Vice President Joe Biden, 2016 Democratic presidential candidate Hillary Clinton, and has had multiple exclusive interviews and exclusive reporting with Speaker Nancy Pelosi She made her first home appearance since then-President Donald Trump’s first impeachment.
Sarah is a two-time Telly Award-winning filmmaker and a member of the Society of Professional Journalists.
Contact Sarah at Post, Mastodon @PoliticusSarah@Journa.Host, & Twitter.
