On Thursday, third-quarter gross domestic product posted a 4.9 percent annualized gain, showing extraordinarily strong economic growth in Q3 as the benefits of Bidenomics ripple through the American economy. Under Trump’s failed MAGAnomics agenda, Republicans touted one, two, and three percent increases in GDP as incredible economic growth – significantly less than the 4.9 percent annual rate under President Biden in Q3 of this year.
DNC Chair Jaime Harrison issued the following statement in response to the Q3 Bureau of Economic Analysis gross domestic product (GDP) report:
“You don’t have to take our word for it, today’s growth is historically good. Donald Trump called GDP gains almost half this strong an “unbelievable number.” We don’t have to guess what Trump’s economic agenda would do – he lined the pockets of his wealthy friends and special interest donors and tried to pass it off as a booming economy. Today’s stunning growth is the direct result of President Biden and Vice President Harris’s leadership to rebuild the economy from the middle out and the bottom up, not the top down, and turn the page on Trump and Republicans’ failed MAGAnomics agenda. Next November, voters will decide whether to continue President Biden’s historic economic growth or return to Trump’s failed MAGAnomics agenda that benefits giant corporations and the ultra-rich at the expense of hardworking Americans. ”
Thanks to President Biden’s leadership and Bidenomics agenda, our nation’s economy is booming – Q3 GDP growth dwarfed gains made under Trump.
Heather Long, Washington Post: “JUST IN: US GDP soared to a blockbuster 4.9% in Q3. That’s the highest since the end of 2021 and a big uptick from 2.1% in Q2.
Strong consumer spending and gov’t spending drove the growth.
Bottom line: No recession in sight.”
Sarah Ewall-Wice, Economic Reporter: “So US GDP soared to 4.9% in Q3! Up from 2.1% in Q2. Not too great for the whole “the economy is bad” narrative…”
New York Times: “The United States economy surged in the third quarter as a strong job market and falling inflation gave consumers the confidence to spend freely on goods and services.
Gross domestic product, the primary measure of economic output, grew at a 4.9 percent annualized rate from July through September, the Commerce Department reported Thursday. It was the strongest showing since late 2021, defying predictions of a slowdown prompted by the Federal Reserve’s interest rate increases.
The acceleration was made possible in part by slowing inflation, which lifted purchasing power even as wage growth weakened, and a job market that has shown renewed vigor over the past three months.”
ABC News: “The U.S. economy grew at a blistering pace over three months ending in September, more than doubling growth in the previous quarter and rebuking worries about a possible recession.”
Under Trump’s failed MAGAnomics agenda, even a one or two-point increase in GDP was enough for Trump and MAGA Republicans to trumpet their economic record.
Trump: “But every time we go up one point, just so you understand, one point means $2.5 trillion, means 10 million jobs. So one point in GDP is an incredible statement. $2.5 trillion for each point, 10 million jobs for each point.”
Trump: “2.6 [percent increase] is a number that nobody thought they’d see for a long period of time. Remember, I was saying we will hit three at some point in the not-too-distant future, and everybody smiled and they laughed and they thought we’d be at one. And 2.6 is an unbelievable number, announced on Friday.”
@realDonaldTrump: “Q2 GDP Up 2.1% Not bad considering we have the very heavy weight of the Federal Reserve anchor wrapped around our neck. Almost no inflation. USA is set to Zoom!”
Reminder: Trump claimed that having a Democrat in the White House is bad for GDP. By his own standards, President Biden and Vice President Harris are proving him wrong.
Trump: “And believe me, if I didn’t get elected, if the opposition party, which I call the obstructionist party, they’re obstructionists, it’s all they’re good at. If they got elected … you would have been down to a GDP that would have been negative. You would have had a negative GDP, and wait until you see over the coming quarters how good it is going to be.”
Trump: “If the Democrats got in with their agenda in November of almost two years ago, instead of having 4.2 up, I believe honestly you’d have 4.2 down; you’d be negative. You’d be in negative numbers right now. You’d be a negative number.”