President Joe Biden took a well-earned victory lap for the financial system he and his Vice President Kamala Harris have overseen because the financial system grew manner above expectations at a 2.8% within the second quarter.
“After I took workplace, we have been within the midst of the worst financial disaster because the Nice Despair. At this time’s GDP report makes clear we now have the strongest financial system on the earth,” President Biden stated in an announcement 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 gorgeous turnaround the U.S. managed underneath their management.
“Because of my and Vice President Harris’s financial agenda, our financial system grew a sturdy 2.8% during the last quarter, based mostly on sturdy American shoppers and enterprise funding. We’ve created almost 16 million jobs, wages are up, and inflation is coming down. We’re rebuilding the Nation and bringing manufacturing again to America.”
This was manner above expectations and was pushed by shopper spending, with enterprise funding and authorities spending additionally serving to based on Heather Lengthy of the Washington Publish.
JUST IN: Robust progress in Q2. The US financial system grew at a 2.8% tempo in Q2 2024. That’s manner above expectations of 1.9% and an enormous leap from 1.4% in Q1.
Shopper spending was the important thing (+2.3% within the quarter). Biz funding and gov’t spending additionally helped.
Backside line: The financial 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 tip or as good, in contrast to their Republican counterparts after they’re within the White Home. There may be all the time work to be executed.
Additionally, Joe Biden isn’t going wherever for the subsequent six months.
“However we have now extra to do. Over the subsequent six months, I’ll proceed doing my job as President: reducing prices for hardworking households and rising our financial system,” the President stated. He additionally contrasted his objective with Congressional Republicans, “Congressional Republicans have a unique 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 odd Individuals doing extraordinary issues.”
The sturdy GDP just isn’t excellent news for these hoping for price cuts, however does converse to how “extremely properly the U.S. financial system is doing, Paul Krugman famous.
“Each progress and inflation got here in above expectations for the 2nd quarter, dampening hopes for fast price cuts. However step again and think about how extremely properly the U.S. financial system is doing in contrast with the dire warnings of recession and stagflation we have been listening to in 2022”.
The US financial system underneath President Biden and Vice President Harris has made a surprising 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 financial 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 completely interviewed Speaker Nancy Pelosi a number of occasions and completely coated her first dwelling 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 Publish, Mastodon @PoliticusSarah@Journa.Host, & Twitter.
