President Biden used the new report showing that GDP grew in the third quarter and hammered Republicans for planning to increase inflation.
Biden said in a statement provided to PoliticusUSA:
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.
Biden is correct about the Republican plans if the GOP wins control of all or part of Congress, they intend to hold the economy hostage via the debt ceiling to pressure Biden to permanently cut taxes for the wealthy and corporations, which economists believe would send inflation rocketing upward. Republicans also intend to increase prescription drug prices and cut Social Security and Medicare while doing nothing about the corporate greed that is responsible for the majority of high prices.
The global economy has never dealt with a pandemic before, so the great unknown is whether or not a recession can be avoided.
However, the United States is in much better shape than other western economies, and the policies that Republicans are offering are the same as those that are already failing in Europe and around the world.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association
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