President Joe Biden took a well-earned victory lap for the economic system he and his Vice President Kamala Harris have overseen because the economic system grew method above expectations at a 2.8% within the second quarter.
“After I took workplace, we had been within the midst of the worst financial disaster for the reason that Nice Melancholy. At present’s GDP report makes clear we now have the strongest economic system on the planet,” President Biden mentioned in a press release despatched to PoliticusUSA.
The President made certain to incorporate the work of his Vice President and presumptive Democratic presidential nominee Kamala Harris whereas taking acceptable credit score for the beautiful turnaround the U.S. managed beneath their management.
“Due to my and Vice President Harris’s financial agenda, our economic system grew a strong 2.8% during the last quarter, primarily based on sturdy American customers and enterprise funding. We’ve created practically 16 million jobs, wages are up, and inflation is coming down. We’re rebuilding the Nation and bringing manufacturing again to America.”
This was method above expectations and was pushed by client spending, with enterprise funding and authorities spending additionally serving to in keeping with Heather Lengthy of the Washington Put up.
JUST IN: Sturdy progress in Q2. The US economic system grew at a 2.8% tempo in Q2 2024. That’s method above expectations of 1.9% and a giant bounce from 1.4% in Q1.
Client spending was the important thing (+2.3% within the quarter). Biz funding and gov’t spending additionally helped.
Backside line: The economic system retains… pic.twitter.com/9RQX3BuW2E
— Heather Lengthy (@byHeatherLong) July 25, 2024
One factor about Democrats is that they’ve realized to not tout good financial information as the top or as good, not like their Republican counterparts after they’re within the White Home. There’s all the time work to be executed.
Additionally, Joe Biden isn’t going wherever for the following six months.
“However we have now extra to do. Over the following six months, I’ll proceed doing my job as President: decreasing prices for hardworking households and rising our economic system,” the President mentioned. He additionally contrasted his purpose with Congressional Republicans, “Congressional Republicans have a special plan—which might drag our nation backward by placing particular curiosity first. The Vice President and I’ll maintain preventing for America’s future—a way forward for promise and potentialities, of unusual Individuals doing extraordinary issues.”
The sturdy GDP just isn’t excellent news for these hoping for fee cuts, however does converse to how “extremely effectively the U.S. economic system is doing, Paul Krugman famous.
“Each progress and inflation got here in above expectations for the 2nd quarter, dampening hopes for fast fee cuts. However step again and take into account how extremely effectively the U.S. economic system is doing in contrast with the dire warnings of recession and stagflation we had been listening to in 2022”.
The USA economic system beneath President Biden and Vice President Harris has made a shocking and enviable restoration in comparison with different industrial nations post-pandemic. President Biden has used the restoration to radically remodel the nation again into a producing hub, which not solely offers good jobs but additionally beefs up our nationwide safety and provide chains.
Joe Biden’s financial insurance policies work. They’re opposite to the insurance policies provided up by the Republican Get together, which favor the rich and search to make excuses for taxing the center class and placing the burden of patriotic enter into our nation on the working class. President Biden has turned these stale trickle-down speaking factors on their heads with chilly, onerous info.
The proof is within the pudding. President Joe Biden got down to put money into America itself moderately than the billionaire class, and it’s paying off. At 3.5 years in, the President deserves to take a victory lap for his economic system.
Will he get credit score from the media? Unlikely.
Sarah has been credentialed to cowl President Barack Obama, then VP Joe Biden, 2016 Democratic presidential candidate Hillary Clinton, and solely interviewed Speaker Nancy Pelosi a number of instances and solely lined her first house look after the primary impeachment of then President Donald Trump.
Sarah is two-time Telly award successful video producer and a member of the Society of Skilled Journalists.
Join with Sarah on Put up, Mastodon @PoliticusSarah@Journa.Host, & Twitter.
