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Biden Calls Economy ‘Strong’ Despite Poor GDP Growth

Biden Calls Economy ‘Strong’ Despite Poor GDP Growth

Biden economy
The White House, Public domain, via Wikimedia Commons

By Casey Harper (The Center Square)

President Joe Biden defended newly released underperforming economic growth numbers.

Federal data shows the U.S. Gross Domestic Product grew at an annual growth rate of 1.6% in the first three months of this year, down from 3.4% in the previous quarter.

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The U.S. Bureau of Economic Analysis released the data, which came in well below economists’ expectations, raised concerns about the future of the economy this year, and sent the stock market downward Thursday morning.

“The big inventory buildup in the third quarter of last year continues being drawn down, which is reducing GDP – in other words, previous economic ‘growth’ was essentially just a transfer of future positive numbers pulled forward to an earlier time period,” E.J. Antoni, an economist at the Heritage Foundation, wrote on X, formerly known as Twitter, after the data was released.

After the BEA numbers came out, President Joe Biden released a statement on Thursday calling the economy “strong.”

“Today’s report shows the American economy remains strong, with continued steady and stable growth,” Biden said.

He went on to point to the economic recovery since COVID-19 era shutdowns…

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