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 method above expectations at a 2.8% within the second quarter.
“Once I took workplace, we had been within the midst of the worst financial disaster because the Nice Melancholy. In the present day’s GDP report makes clear we now have the strongest financial system on the planet,” President Biden stated 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 underneath their management.
“Because of my and Vice President Harris’s financial agenda, our financial system grew a sturdy 2.8% over the past quarter, based mostly on robust American shoppers 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 shopper spending, with enterprise funding and authorities spending additionally serving to in accordance with Heather Lengthy of the Washington Submit.
JUST IN: Sturdy progress in Q2. The US financial system grew at a 2.8% tempo in Q2 2024. That’s method above expectations of 1.9% and a giant soar 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 discovered to not tout good financial information as the top or as good, in contrast to their Republican counterparts once 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 following six months.
“However we now have extra to do. Over the following 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 aim 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 hold combating for America’s future—a way forward for promise and prospects, of atypical People doing extraordinary issues.”
The robust GDP just isn’t excellent news for these hoping for charge cuts, however does communicate to how “extremely effectively 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 charge cuts. However step again and contemplate how extremely effectively the U.S. financial system is doing in contrast with the dire warnings of recession and stagflation we had 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 rework 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 supplied up by the Republican Celebration, 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 information.
The proof is within the pudding. President Joe Biden got down to put money into America itself slightly 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.
