Despite all the lies and doomist idiocy by Republicans and the “mainstream media,” we actually got some excellent economic news this morning. See below for a statement by President Biden, which points out that “today we got further evidence that our economic recovery is continuing to power forward…Our economy has created 10 million jobs, unemployment is at a 50 year low, and U.S. manufacturing is booming. Today’s data shows that in the third quarter, Americans’ incomes were up and price increases in the economy came down.” That’s even more impressive when you consider the mess President Biden inherited from Trump. Great job! As the Arlington Dems summarize: “GDP grew faster than expected last quarter at 2.6%. Democrats have delivered strong economic growth and historically low unemployment. Gas prices are coming down and prices stabilizing. Now is the time to continue investing in America and its workers by voting blue.”
FOR IMMEDIATE RELEASE
October 27, 2022
Statement by President Biden on Third Quarter GDP Report
For months, doomsayers have been arguing that the US economy is in a recession and Congressional Republicans have been rooting for a downturn. But today we got further evidence that our economic recovery is continuing to power forward. This is a testament to the resilience of the American people. As I have said before, it is never a good bet to bet against the American people. Our economy has created 10 million jobs, unemployment is at a 50 year low, and U.S. manufacturing is booming. Today’s data shows that in the third quarter, Americans’ incomes were up and price increases in the economy came down.
Now, we need to make more progress on our top economic challenge: bringing down high prices for American families. Even with our historic economic recovery, gas prices are falling – down $1.26 since the summer, and down over the last three weeks. The most common price at gas stations in America today is $3.39 a gallon. That is progress, but we need to do more to bring other prices down as well. My Administration has passed laws that will bring down prescription drug prices and health insurance premiums starting next year. We must do more.
Congressional Republicans have a very different agenda – one that would drive up inflation and add to the deficit by cutting taxes for the wealthiest Americans and large corporations. It would raise the cost of prescription drugs, health care, and energy for American families. That failed economic vision is not the way to give families more breathing room and grow our economy so working families can get ahead.
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