President Joe Biden scored a well-deserved victory after the economy he and Vice President Kamala Harris oversaw grew by a much better-than-expected 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 that we now have the strongest economy in the world,” President Biden said in a statement sent to Politicus USA.
The president was also sure to single out his Vice President and presumptive Democratic presidential nominee, Kamala Harris, for the work he did give her, giving her due credit for the incredible turnaround the country has achieved under their leadership.
“Thanks to my and Vice President Harris’ economic policies, our economy grew a strong 2.8 percent last quarter, driven by strong American consumer and business investment. Nearly 16 million jobs have been created, wages are rising and inflation is falling. We are rebuilding our nation and bringing manufacturing back to America.”
That was much stronger than expected and was driven by consumer spending, with business investment and government spending also contributing, according to Heather Long of the Washington Post.
Quick report: Strong growth in Q2. The U.S. economy grew at a 2.8% pace in the second quarter of 2024, well above expectations of 1.9% and up from 1.4% in the first quarter.
Consumer spending was the key (+2.3% quarterly), with business investment and government spending also contributing.
Conclusion: The economy is… pic.twitter.com/9RQX3BuW2E
— Heather Long (@byHeatherLong) July 25, 2024
One of the defining features of Democrats is that, unlike their Republican White House colleagues, they have learned not to trumpet good economic news as the end or perfection. There is always more work to be done.
Also, Joe Biden isn’t going anywhere for the next six months.
“But we have more work to do. Over the next six months, I will continue my job as President – to ease the burden on hardworking families and grow our economy,” the president said. He also contrasted his goals with those of his Republican counterparts, saying, “They have a different plan – one that will hold our country back by prioritizing special interests. The Vice President and I will continue to fight for America’s future – a future full of hope and possibility, a future for ordinary Americans accomplishing extraordinary things.”
While strong GDP isn’t good news for those hoping for a rate cut, it does tell us that the U.S. economy is “incredibly strong.” Paul Krugman I got it.
“Both growth and inflation beat expectations in the second quarter, fading hopes of a swift rate cut. But taking a step back shows just how surprisingly strong the U.S. economy is compared to the dire warnings of recession and stagflation we’ve heard in 2022.”
Under President Biden and Vice President Harris, the U.S. economy has made an incredible and enviable recovery since the pandemic compared to other developed countries. President Biden has used the recovery to fundamentally transform the country into a manufacturing hub again, not only creating good jobs but also strengthening our national security and supply chains.
Joe Biden’s economic policies work. They are the opposite of those proposed by Republicans who favor the wealthy, tax the middle class, and try to create an excuse to shift the burden of patriotism onto the working class. President Biden has debunked these hackneyed trickle-down talking points with cold, hard facts.
The proof is in the track record: President Joe Biden has set out to invest in America, not just billionaires, and it’s starting to pay off. Three and a half years into his presidency, the president deserves a lap of celebration for his economic triumph.
Will he get media recognition? Probably not.
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