‘As I Have Said Before’: Biden Takes I Told You So Victory Lap After Positive GDP Report

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President Joe Biden took a victory lap after a 3rd quarter GDP report that was better than expected, pointedly reminding “doomsayers” that he has been saying all along the economy is strong.

On Thursday morning, brand-new economic numbers showed a better-than-expected increase in Gross Domestic Product and a significant slowing in a key inflation indicator, the PCE price index:

• “Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the third quarter of 2022 (table 1), according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.6 percent.”
• “The price index for gross domestic purchases increased 4.6 percent in the third quarter, compared with an increase of 8.5 percent in the second quarter (table 4). The PCE price index increased 4.2 percent, compared with an increase of 7.3 percent. Excluding food and energy prices, the PCE price index increased 4.5 percent, compared with an increase of 4.7 percent.”

In a statement emailed to Mediaite, President Biden rebuked “doomsayers” who insist the U.S. is in a recession or headed for one, touted the strength of the numbers, and said they are “further evidence that our economic recovery is continuing to power forward.”

“As I have said before, it is never a good bet to bet against the American people,” the president said.

Here’s the full statement:

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.

The president has consistently said that the two consecutive quarters of negative GDP growth don’t necessarily mean the United States is in a recession, especially given other positive economic indicators. But many critics have slammed Biden, suggesting he’s in denial about a recession.

Some analysts debate whether the GDP report is an indicator of a durable recovery, or a temporary surge, but the better-than-expected numbers are the last GDP figures that will be released before the midterms.