President Joe Biden, for months, noted how doomsayers had argued that the U.S. 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,” Biden said in response to news that the U.S. economy posted its first period of positive growth for 2022 in the third quarter.
The Bureau of Economic Analysis reported the growth helped to ease recession fears as the GDP increased at a 2.6% annualized pace from July through September, slightly higher than the 2.3% increase predicted by forecasters.
The president called the news 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,” he said, touting 10 million new jobs and unemployment falling to a 50-year low.
“Today’s data shows that in the third quarter, Americans’ incomes were up and price increases in the economy came down,” he said. “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,” Biden said. “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,” he said.
Unwilling to rest on his laurels, Biden declared more must be done.
“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,” he said.