President Joe Biden has recently attributed much of the recent economic success to the American people as well as his policies, saying, “It’s because of you,” before reading his favorite headlines about his success.
Economic Triumphs
President Joe Biden lauded the nation’s economic growth during a recent address in Superior, Wisconsin.
Unexpected GDP Increase
During the address, Biden mentioned the unexpected 3.3% annual GDP increase and commended Americans for surpassing expectations.
Positive GDP Report Findings
The GDP report indicated faster-than-anticipated economic growth and a reduction in inflation, causing Biden to boast America’s economy as the best in the world.
Sustained Economic Growth
Many experts predicted a recession during Biden’s tenure, but the GDP demonstrated an annual growth rate of 2% or higher for a sixth consecutive term.
“Soft Landing” Plausible
Experts now believe that the Federal Reserve can reach the desired “soft-landing” for the economy without fear of the predicted recession.
Wealth Gap Closing
Despite a poor end to 2021 for American households, come the end of 2022, the poorest 20% of American families became slightly better off.
Biden’s Bottom-up Approach
This data shows that Biden’s approach of building the economy “from the bottom up and middle out” is working.
Acknowledging Public Contributions
Biden attributed the U.S.’s economic strength and the lowest inflation rate among major economies to the American people.
Giving Credit to the People
“It’s because of you,” Biden said to the crowd in a speech in Superior, Wisconsin, ahead of his election race.
Strongest Economy in the World?
“Thanks to the American people, America now has the strongest growth, the lowest inflation rate of any major economy in the world,” Biden boasted.
Overcoming Recession Predictions
Biden celebrated overcoming predictions of an imminent recession by reading the headlines from recent newspapers praising the economy.
Optimistic Economic Headlines
Quoting headlines, Biden shared positive news, including “U.S. economy grew at a shocking pace,” to which Biden said, “I love the ‘shocking pace’ bit.”
Biden’s Favourite Headline Revealed
Biden also noted his “favorite,” belonging to the Wall Street Journal and its proclamation: “What recession? Growth ended accelerating in 2023.”
Rapid U.S. Economic Growth
During the third quarter of 2023, the U.S. economy grew at its fastest pace in nearly two years, which is why Biden is particularly focusing on that part of the headline.
External and Internal Setbacks
It wasn’t an easy task since the country is fighting against many external factors, such as the post-pandemic era, global conflicts in Ukraine, and internal factors like increased worker strikes.
Biden’s Influence on Public Sentiment
Biden stressed that Americans are increasingly optimistic about the economy thanks to his policies and “Bidenomics.”
Positive Outlook Sinking In
“Just last week, we saw the biggest jump in 30 years and how positive consumers are feeling about the economy. Things are finally beginning to sink in,” Biden said.
Critique of Trump’s Remarks
Former President Donald Trump recently said he was hoping for an economic crash while Biden was in power so that, if he wins the election, he won’t become “the next Herbert Hoover,” who was President during the economic depression.
Not on Biden’s Watch?
“Well, he said he’s hoping … it happens soon while I’m still president. That’s what he’s hoping for,” Biden said before adding that things are looking different.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.