President Joe Biden touted the Bureau of Economic Analysis’s strong gross domestic product report as an outgrowth of his plan to grow “the economy from the middle out and the bottom up.”
The BEA’s report, adjusted for inflation, showed the economy growing 3.3% in the fourth quarter of 2023, outpacing projections and allaying concerns of a recession. For the entire year, GDP grew 2.5% on average, with a 3.1% relative change compared to the year prior.
In his statement, Biden cited the 3.1% rate change while pointing to 2.7 million jobs added amid easing core inflation.
“As a result, wages, wealth, and employment are higher now than they were before the pandemic. That’s good news for American families and American workers. That is three years in a row of growing the economy from the middle out and the