Latest GDP Growth Shows the Economy Booming Under Biden, Far Outpacing Trump’s Record
November 29, 2023
Today’s GDP growth numbers demonstrate how President Biden’s Bidenomics agenda continues to deliver, with new data revealing the economy defied expectations and posted a stellar 5.2% growth rate for Q3 — faster than initially reported. Economic gains under President Biden dwarf the three and four-percent GDP growth Trump once touted.
The American economy continues to boom under President Biden’s leadership – Q3’s whopping 5.2% growth rate has completely outperformed average growth under Trump’s MAGAnomics agenda.
CNBC: “U.S. GDP grew at a 5.2% rate in the third quarter, even stronger than first indicated”
“The U.S. economy grew at an even stronger pace then previously indicated in the third quarter, the product of a better than expected business investment and stronger government spending, the Commerce Department reported Wednesday.”
Trump marveled at the possibility of five-percent GDP growth during his administration – and blamed the Federal Reserve for not “helping him” achieve it.
Trump: “If we sustained three percent growth instead of two percent, only one point – and I think we have a long way to grow; I know we have a long way to grow – that means twelve, think of it, one point: twelve million new jobs and ten trillion dollars of new economic activity over the next decade. Think of it. Ten trillion dollars. And if we ever went to four percent, think of that—or five percent, or six percent. Let’s see what happens. They were all sort of smiling when I said three percent. I must say, we came—we hit the number faster than I thought, but we hit three percent last quarter.”
Trump: “Now, when I ran, they were all saying, ‘You can’t say 3 percent.’ And last year, we hit 3 percent for the year. And we had one month at 4.2 percent. And, frankly, if interest rates would come down a little bit, we’d do 5 percent. If I get a little help – need a little help. Got to get my little help there. I’m not going to be a wise guy. I want a little help. A little lower interest rates, a little quantitative easing. Just a little bit, we’d hit 5.”
Trump once hailed four-percent GDP growth as “doing phenomenally well.”
Trump: “Our country is doing phenomenally well. We’re going all the way. You look at what’s happening outside of the United States, it’s not a pretty picture. Inside of our country, we are just setting records. And I’m going to keep it that way. We have a lot of potential. We have a long way to go. Great trade deals are being negotiated right now. We’re doing some great, great trade deals. When that happens, your 4.1 is going to go even higher. We’re having a lot of fun.”
Let’s not forget that Trump said that having a Democrat for president would hurt our GDP. By Trump’s own standards, President Biden’s Bidenomics agenda has completely debunked that claim.
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.”