25 January 2024
WASHINGTON (NEXSTAR) – A new report from the Commerce Department says in the last quarter of 2023 the U.S. economy grew by 3.3%. That strong growth was driven by an increase in consumer spending.
At an event in Wisconsin on Thursday President Biden was reading headlines about the report with a smile.
“From the Wall Street Journal and other papers, ‘U.S. shatters expectations’. Second headline ‘The US economy boomed in 2023.’ Third ‘US economy grew at a shocking pace.’ I love that shocking pace,” Biden said.
White House economic adviser Kirabo Jackson credits the Biden administration’s policies.
“They’re making it so that Americans have a little bit more in their pocketbooks to spend on the things they need,” Jackson said.
Republicans disagree. Senator Eric Schmitt (R-Mo.) railed against the President’s economic policies.
“Bidenomics is a failure no matter how this Administration tries to spin it,” Schmitt said.
Senator Josh Hawley (R-Mo.) says you don’t have to take his party’s word for it.
“Just talk to anybody. Go outside a grocery store and talk to people, ask them ‘Do you think the economy is doing great?’ They say no and the reason is they can’t afford anything,” Hawley said.
Republicans argue the real problem is inflation, saying high prices are still hurting American families.
“Under the president, Americans are spending more and getting less,” Sen. Shelley Moore Capito (R-W.Va.) said.
But the White House says Republicans are misleading people. They point out the new report shows core inflation dropped to just 2%.
“Even accounting for inflation, incomes grew faster than that. So as that continues, more and more and more Americans are going to feel the benefits,” Jackson said.
The president’s team says they’ve got plans to do more. That includes cracking down on junk fees, implementing affordable housing policies, and bringing prices down for necessities like drugs and internet.
“We obviously have more work to do. But we’re making real progress,” Biden said.
That economic message is a big part of President Biden’s re-election pitch.