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Written by Casey Harper (Center Square)
President Joe Biden defended the newly released lower economic growth numbers.
U.S. gross domestic product (GDP) grew at an annualized rate of 1.6% in the first three months of this year, slowing from 3.4% in the previous quarter, according to federal data.
The stock market fell on Thursday morning as data released by the U.S. Bureau of Economic Analysis were well below economists' expectations, raising concerns about the outlook for the economy this year.
“The massive inventories that built up in the third quarter of last year continue to be depleted, which is pushing down GDP. In other words, economic 'growth' to date is essentially a positive figure for the future. It was just a rollover to an earlier period,“ EJ said. Antoni, an economist at the Heritage Foundation, wrote on X, formerly known as Twitter, after the data was released.
later BEA number President Joe Biden issued a statement Thursday saying the economy is „strong.“
„Today's report shows that the U.S. economy continues to see strong and stable growth,“ Biden said.
He went on to point out that the economy is recovering after the COVID-19-era shutdowns cost jobs and economic growth.
„Since I took office, the economy has grown faster than at this point in any presidential term in the past 25 years, and the unemployment rate has remained below 4% for more than two years, including 3% growth last year,“ Biden said. „There is,“ he said.
Biden then turned to attacking not only Republicans but also corporations for fees.
„And I have a plan to lower housing costs by building 1 million new homes. Congressional Republicans have no plan to lower costs,“ Biden said. “They are fighting to give even more tax breaks to the wealthy and big corporations while cutting programs like Social Security, Medicare, and the Affordable Care Act. Americans know that we need to build society from the bottom up so that the middle class has a fair chance and leaves no one behind. Masu.“
Former President Donald Trump commented on the GDP numbers to reporters waiting outside his courthouse Thursday morning.
As aired on FOX News, President Trump told reporters, „…the GDP that was just released is down to 1.6% and it's going south.“ „Things are going to get even worse… Gasoline is going up a lot. Energy costs are going up a lot and the stock market is crashing in a sense. This is bidenomics. It's catching up with him.“
Notably, BEA data showed that Americans' savings accounts declined in the first three months of this year.
„Personal savings in the first quarter were $755.7 billion, compared to $815.5 billion in the fourth quarter,“ the BEA said. “The personal savings rate (personal savings as a percentage of personal disposable income) was 3.6% in the first quarter, but 4.0% in the fourth quarter.”
Syndicated with permission From the center square.