Biden says US economy ‘continues to power forward’ after growth in third quarter

Biden (Copyright 2022 The Associated Press. All rights reserved)

President Joe Biden on Thursday said reports that the US economy grew by 2.6 per cent in the third quarter of 2022 show his administration’s policies are having a positive effect as the country continues to recover from the pandemic-era slump.

In a statement, Mr Biden called the Bureau of Economic Analysis third-quarter report “further evidence that our economic recovery is continuing to power forward” despite “doomsayers” claims that the US is in a recession and what he described as congressional Republicans’ hopes for an economic downturn.

“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,” he said.

The positive economic growth report comes as Mr Biden is hitting the road to tout his administration’s economic agenda as a closing message to voters who will head to the polls on 8 November.

Mr Biden said Republicans, who are expected to take control of at least one chamber of Congress, “have a very different agenda” from the one his administration has implemented since he took office.

He said the GOP would “drive up inflation and add to the deficit by cutting taxes for the wealthiest Americans and large corporations” and “raise the cost of prescription drugs, health care, and energy for American families” by rolling back parts of the Inflation Reduction Act he signed into law over the summer.

“That failed economic vision is not the way to give families more breathing room and grow our economy so working families can get ahead,” he said.

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