Economy is Growing — Despite Republicans’ Best Efforts
October 27, 2022
Today’s GDP numbers showed our country’s economic growth is outpacing economists’ expectations — despite Republicans cheering against our economy.
President Joe Biden once again beat expectations, with the U.S. economy growing at a healthy 2.6 percent clip last quarter.
CNBC: “U.S. GDP accelerated at 2.6% pace in Q3, better than expected as growth turns positive”
And Democrats continue to deliver real results: Thanks to President Biden’s leadership, Americans are back to work and unemployment now matches a historic 50-year low.
CBS News: “Employers add 263,000 jobs in September as jobless rate falls to 50-year low”
In fact, more than 10 million new jobs have been created since President Biden took office — more than under any other president in American history at this point in their term.
The New Yorker: “Biden Heads for the Midterms with Ten Million New Jobs”
This includes almost 700,000 manufacturing jobs. Under President Biden, “Made in America” isn’t just a slogan — it’s a reality.
President Biden: “We’ve created 10 million jobs, including almost 700,000 manufacturing jobs. On my watch, ‘Made in America’ isn’t just a slogan, it’s a reality.”
But Republicans TRIED pulling out all the stops to block this progress: 187 House Republicans voted against the CHIPS and Science Act, which is already bringing thousands of American manufacturing jobs back home and strengthening our supply chain.
Washington Post: “[The CHIPS Act] would provide $52 billion in subsidies to domestic semiconductor manufacturers… in a bid to strengthen the United States’ competitiveness and self-reliance in what is seen as a keystone industry for economic and national security.”
CNBC: “When the CHIPS Act became law, it spurred a wave of investment announcements by semiconductor companies, including Micron, which at the time pledged $40 billion through 2030 for U.S. chip manufacturing, saying it would create up to 40,000 domestic jobs. Qualcomm also committed to buying an additional $4.2 billion worth of chips from GlobalFoundries’ plant in New York. Intel had said its plans to invest up to $100 billion in chip manufacturing in Ohio relied heavily on the federal legislation.”
And as if it couldn’t get any worse, Republicans are threatening to crash the economy because they’re so hellbent on cutting key programs, including Social Security and Medicare.
Semafor: “Republican leaders are currently talking about using votes on the debt ceiling, which must be lifted next year, to secure major policy concessions. That renders the possibility of a standoff that frightens investors and spikes interest rates an increasingly plausible scenario.”
Bloomberg Government: “Social Security and Medicare eligibility changes, spending caps, and safety-net work requirements are among the top priorities for key House Republicans who want to use next year’s debt-limit deadline to extract concessions from Democrats.”
While President Biden and Democrats have stayed laser-focused on creating jobs, lowering costs and building an economy that works for everyone, Republicans’ closing midterm message is an agenda that could crash the economy and raise costs. The choice this November couldn’t be any clearer.