President Joe Biden took a well-earned victory lap for the economy he and his Vice President Kamala Harris have overseen as the economy grew way above expectations at a 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 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 his Vice President and presumptive Democratic presidential nominee Kamala Harris while taking appropriate credit for the stunning turnaround the U.S. managed under their leadership.
“Thanks to my and Vice President Harris’s economic agenda, our economy grew a robust 2.8% over the last quarter, based on strong American consumers and business investment. We’ve created nearly 16 million jobs, wages are up, and inflation is coming down. We’re rebuilding the Nation and bringing manufacturing back to America.”
This was way above expectations 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 at a 2.8% pace in Q2 2024. That’s way above expectations of 1.9% and a big jump from 1.4% in Q1.
Consumer spending was the key (+2.3% in the quarter). Biz investment and gov’t spending also helped.
Bottom line: The economy keeps… pic.twitter.com/9RQX3BuW2E
— Heather Long (@byHeatherLong) July 25, 2024
One thing about Democrats is they’ve learned not to tout good economic news as the end or as perfect, unlike their Republican counterparts when they’re in the White House. There is always work to be done.
Also, 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 doing my job as President: lowering costs for hardworking families and growing our economy,” the President said. He also contrasted his goal with Congressional Republicans, “Congressional Republicans have a different plan—which would drag our country backward by putting special interest first. The Vice President and I will keep fighting for America’s future—a future of promise and possibilities, of ordinary Americans doing extraordinary things.”
The strong GDP is not good news for those hoping for rate cuts, but does speak to how “incredibly well the U.S. economy is doing, Paul Krugman noted.
“Both growth and inflation came in above expectations for the 2nd quarter, dampening hopes for quick rate cuts. But step back and consider how incredibly well the U.S. economy is doing compared with the dire warnings of recession and stagflation we were hearing in 2022”.
The United States economy under President Biden and Vice President Harris has made a stunning and enviable recovery compared to other industrial nations post-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 beefs up our national security and supply chains.
Joe Biden’s economic policies work. They are contrary to the policies offered up by the Republican Party, which favor the wealthy and seek to make excuses for taxing the middle class and putting the burden of patriotic input into our country on the working class. President Biden has turned those stale trickle-down talking points on their heads with cold, hard facts.
The proof is in the pudding. President Joe Biden set out to invest in America itself rather than the billionaire class, and it’s paying off. At 3.5 years in, the President deserves to take a victory lap for his economy.
Will he get credit from the media? Unlikely.
