President Biden blew past the 3% mark in GDP growth, which Trump proclaimed great, as the economy grew at a 4.9% rate.
Here is the good economic news:
Consumers are spending, which suggests that people are not thinking about a recession.
The Washington Post added some context:
New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.
The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength.
Trump has touted his economy as the greatest in history, but here are his GDP numbers:
2017: +2.3%
2018: +3%
2019: +2.2%
2020: -3.7%
Trump claimed that 3% GDP would be a booming economy, and if that is the case, Biden is setting some amazing standards by Trump’s own metric.
President Biden is proving that tax cuts for the rich don’t grow the economy, Cutting taxes for the wealthy and corporations strangles economic growth and causes recessions. A recent study showed that Bidenomics is spurring growth because when an economy gives the people who spend the most money the opportunity to earn more, it is better for everyone.
The media keeps spinning good economic news as bad, but these new numbers are undeniable.
Inflation remains a problem, but the US economy isn’t slipping into recession, and Joe Biden is delivering some blockbuster numbers.