Ubiquitous
2024-04-26 01:05:06 UTC
Despite a years-long Bidenomics campaign to grow the economy, the
Biden administration announced on Thursday that inflation-adjusted
Gross Domestic Product (GDP) for the first three months of 2024 was
lower than predicted, opening up President Joe Biden to a fresh round
of criticism.
Bureau of Economic Analysis numbers, posted to X in chart-form by the
White House Council of Economic Advisers, showed this economic
measurement that is known as real GDP grew by 1.6% in the first
quarter on an annualized basis, below expectations of 2.5%.
Todays reportthe advance estimate of first quarter GDP in
2024shows that real GDP grew by 1.6% in Q1, below expectations
of 2.5%. Growth in Q1 primarily reflected contributions from
consumption and private fixed investment. 1/
pic.twitter.com/verrExDrq8
Council of Economic Advisers (@WhiteHouseCEA) April 25, 2024
Experts attributed the weaker-than-anticipated number to consumer
spending growth dipping below estimates while inventories and net
exports dropped. There was also 3.4% annualized rate growth for the
personal consumption expenditures price index, a key inflation
indicator gain that could discourage Federal Reserve interest rate
cuts.
These GDP numbers were shocking, said Fox Business anchor David
Asman. We were expecting a 2.4% growth. The actual came in at 1.6 a
huge loss and with rising inflation even the Fed is admitting that
inflation is not only sticky, it seems to be going in the wrong
direction that adds up to stagflation.
FOX BUSINESS: "These GDP numbers were shocking. We were
expecting a 2.4% growth. The actual came in at 1.6a huge
lossand with rising inflation that adds up to stagflation."
"That's something we haven't seen since the 1970's."
pic.twitter.com/78Ks3Rjq0X
MAGA War Room (@MAGAIncWarRoom) April 25, 2024
A statement from Biden on Thursday reacting to the GDP numbers focused
on the long-term rather than the economic reality of the past few
months that showed the lowest quarterly real GDP rate in more than a
year.
Todays report shows the American economy remains strong, with
continued steady and stable growth, Biden said. The economy has grown
more since I took office than at this point in any presidential term in
the last 25 years including 3% growth over the last year while
unemployment has stayed below 4% for more than two years.
Still, Biden said there is more work to do, noting that costs are
too high for working families. He reiterated a middle out and bottom
up mantra from his Bidenomics agenda while talking about tackling
junk fees, housing costs, taxes, and health care.
While Biden insisted congressional Republicans have no plan to lower
costs, Sen. Rick Scott (R-FL) released a statement arguing that
Americans are struggling because of Bidens economic policies.
Everywhere you look, companies are laying off employees and families
are being stretched to the max by Bidens raging inflation crisis and
bad economy, Scott said. Thats why we are seeing job reports that
month after month show a growth in part-time jobs while full-time jobs
decline.
Former President Donald Trump, who, like Biden, is running another
campaign for the White House this year, delivered remarks on the GDP
numbers while at a courthouse in New York City where he is on trial in
a hush-money case.
President Trump: "As you probably have heard the GDP is all
the way down to 1.6% and it's heading south gasoline is going
way up, energy costs are going way up this is Bidenomicsit's
catching up with him." pic.twitter.com/zywDJj5ZlB
MAGA War Room (@MAGAIncWarRoom) April 25, 2024
With the GDP heading south and energy prices going way up, Trump
said, this is Bidenomics! Its catching up with him.
--
Let's go Brandon!
Biden administration announced on Thursday that inflation-adjusted
Gross Domestic Product (GDP) for the first three months of 2024 was
lower than predicted, opening up President Joe Biden to a fresh round
of criticism.
Bureau of Economic Analysis numbers, posted to X in chart-form by the
White House Council of Economic Advisers, showed this economic
measurement that is known as real GDP grew by 1.6% in the first
quarter on an annualized basis, below expectations of 2.5%.
Todays reportthe advance estimate of first quarter GDP in
2024shows that real GDP grew by 1.6% in Q1, below expectations
of 2.5%. Growth in Q1 primarily reflected contributions from
consumption and private fixed investment. 1/
pic.twitter.com/verrExDrq8
Council of Economic Advisers (@WhiteHouseCEA) April 25, 2024
Experts attributed the weaker-than-anticipated number to consumer
spending growth dipping below estimates while inventories and net
exports dropped. There was also 3.4% annualized rate growth for the
personal consumption expenditures price index, a key inflation
indicator gain that could discourage Federal Reserve interest rate
cuts.
These GDP numbers were shocking, said Fox Business anchor David
Asman. We were expecting a 2.4% growth. The actual came in at 1.6 a
huge loss and with rising inflation even the Fed is admitting that
inflation is not only sticky, it seems to be going in the wrong
direction that adds up to stagflation.
FOX BUSINESS: "These GDP numbers were shocking. We were
expecting a 2.4% growth. The actual came in at 1.6a huge
lossand with rising inflation that adds up to stagflation."
"That's something we haven't seen since the 1970's."
pic.twitter.com/78Ks3Rjq0X
MAGA War Room (@MAGAIncWarRoom) April 25, 2024
A statement from Biden on Thursday reacting to the GDP numbers focused
on the long-term rather than the economic reality of the past few
months that showed the lowest quarterly real GDP rate in more than a
year.
Todays report shows the American economy remains strong, with
continued steady and stable growth, Biden said. The economy has grown
more since I took office than at this point in any presidential term in
the last 25 years including 3% growth over the last year while
unemployment has stayed below 4% for more than two years.
Still, Biden said there is more work to do, noting that costs are
too high for working families. He reiterated a middle out and bottom
up mantra from his Bidenomics agenda while talking about tackling
junk fees, housing costs, taxes, and health care.
While Biden insisted congressional Republicans have no plan to lower
costs, Sen. Rick Scott (R-FL) released a statement arguing that
Americans are struggling because of Bidens economic policies.
Everywhere you look, companies are laying off employees and families
are being stretched to the max by Bidens raging inflation crisis and
bad economy, Scott said. Thats why we are seeing job reports that
month after month show a growth in part-time jobs while full-time jobs
decline.
Former President Donald Trump, who, like Biden, is running another
campaign for the White House this year, delivered remarks on the GDP
numbers while at a courthouse in New York City where he is on trial in
a hush-money case.
President Trump: "As you probably have heard the GDP is all
the way down to 1.6% and it's heading south gasoline is going
way up, energy costs are going way up this is Bidenomicsit's
catching up with him." pic.twitter.com/zywDJj5ZlB
MAGA War Room (@MAGAIncWarRoom) April 25, 2024
With the GDP heading south and energy prices going way up, Trump
said, this is Bidenomics! Its catching up with him.
--
Let's go Brandon!