“The Biden economic plan is working, folks.”
That’s the message coming from the White House today, as the Biden Administration celebrated “the fastest economic growth since 1984.”
According to the Washington Examiner, the Bureau of Economic Analysis announced that the “economy grew at an annualized rate of 5.7% in 2021, the fastest growth since 1984. GDP growth for quarter four of 2021 beat projections and clocked in at 6.9% annually, significantly higher than the 2.3% growth in quarter three.”
“This is no accident. My economic strategy is creating good jobs for Americans, rebuilding our manufacturing, and strengthening our supply chains here at home to help make our companies more competitive,” Biden wrote in a statement.
There’s just one problem: inflation.
“The Consumer Price Index for December rose to 7%, marking the highest inflation levels since 1982,” the Examiner reports. “However, [this] GDP report, coupled with a positive Labor report that saw new unemployment claims dropping to 260,000 in December, could prompt the Federal Reserve to raise rates more rapidly than expected to ease price increases.”
Is relief on the way, Joe? Not everyone is feeling this economic growth in their wallet.
“For the first time in 20 years, our economy grew faster than China’s,” President @JoeBiden said in a statement following the news.
“This is no accident. My economic strategy is creating good jobs for Americans.” https://t.co/jKqxRVBDM1
— Washington Examiner (@dcexaminer) January 27, 2022