President Joe Biden celebrated the latest gross domestic product report as a sign that his administration’s economic policies are working and that the United States is not slipping into a recession.
The Bureau of Economic Analysis announced Thursday morning that GDP grew at a 2.6% annual rate in the third quarter of 2022, significantly outpacing projections following two consecutive quarters of negative growth.
GDP GROWTH REBOUNDS TO 2.6% IN Q3, ASSUAGING RECESSION FEARS
“For months, doomsayers have been arguing that the US economy is in a recession and Congressional Republicans have been rooting for a downturn, today we got further evidence that our economic recovery is continuing to power forward,” Biden wrote. “This is a testament to the resilience of the American people. As I have said before, it is never a good bet to bet against the American people. Our economy has created 10 million jobs, unemployment is at a 50 year low, and U.S. manufacturing is booming. Today’s data shows that in the third quarter, Americans’ incomes were up and price increases in the economy came down.”
Voters of both parties have consistently pointed to the economy as the No. 1 issue heading into the midterm elections, and the president has said that additional economic progress was his “top” concern,” including “bringing down high prices for American families.”
Biden also used Thursday’s report to continue his campaign attacks against Republican candidates and what he in the past has called “mega, MAGA trickle-down” policies.
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“Congressional Republicans have a very different agenda — one that would drive up inflation and add to the deficit by cutting taxes for the wealthiest Americans and large corporations. It would raise the cost of prescription drugs, health care, and energy for American families,” the president said. “That failed economic vision is not the way to give families more breathing room and grow our economy so working families can get ahead.”
