Biden’s Numbers, January 2024 Update
FactcheckJan 24
Report: US Economy Grew by 3.3% in Q4 of 2023
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The Facts
According to the latest US Bureau of Economic Analysis (BEA) figures released on Thursday, the US economy grew at an annualized rate of 3.3% in the fourth quarter of 2023, higher than growth forecasts had predicted.
This follows a gross domestic product (GDP) expansion of 4.9% in Q3. Meanwhile, core prices for personal consumption expenditures increased 2.7% on an annual basis, down from 5.9% a year ago.
The Spin
Democratic narrative
Despite all the attacks on the administration's economic approach, the US economy continues to shatter expectations and deliver for the American people under Pres. Biden's leadership. While Donald Trump boasts about his economic "achievements" as president, he fails to acknowledge the economic boom that has taken place since he left office. Additionally, Trump didn't have to deal with global inflation, nor create a recovery strategy from COVID. Biden gets blamed for the mess left by Trump, while getting no credit for the economic recovery.
Republican narrative
Pres. Biden destroyed the economy so badly in his first two years that it would be impossible for things to get worse. Furthermore, despite some moderate GDP gains, inflation is still far higher than it should be, and middle-class Americans aren't receiving any benefits from this reported growth. Working families continue to pay significantly higher prices with little wage growth under the Biden administration. The economy isn't close to what it was under Donald Trump, and every American knows it.
