Joe Biden

Statement on the Bureau of Economic Analysis Advance Estimate of Gross Domestic Product for the Third Quarter of 2023

October 26, 2023

I always say it is a mistake to bet against the American people, and just today we learned the economy grew 4.9 percent in the third quarter. I never believed we would need a recession to bring inflation down, and today we saw again that the American economy continues to grow even as inflation has come down. It is a testament to the resilience of American consumers and American workers, supported by Bidenomics, my plan to grow the economy by growing the middle class.

The unemployment rate has been below 4 percent for 20 months in a row, real wages are up over the last year, and median wealth for American families has grown by a record amount accounting for inflation. Just yesterday the UAW and Ford reached a historic tentative agreement that provides a record raise to auto workers and is a testament to our strategy for a powerful manufacturing future made in America, with good, union jobs. I hope Republicans in Congress will join me in working to build on this progress, rather than putting our economy at risk with reckless threats of a shutdown or proposals to cut taxes for the wealthy and large corporations, while slashing programs that are essential for hard-working families and seniors.

Joseph R. Biden, Statement on the Bureau of Economic Analysis Advance Estimate of Gross Domestic Product for the Third Quarter of 2023 Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/367319

Filed Under

Categories

Simple Search of Our Archives