‘Bide­nomics’ Takes Lumps After ‘Shock­ing’ GDP Report

Posted in Election 2024  •  Published by
‘Bidenomics’ Takes Lumps After ‘Shocking’ GDP Report

Despite a years-long “Bide­nomics” cam­paign to grow the econ­o­my, the Biden admin­is­tra­tion announced on Thurs­day that infla­tion-adjust­ed Gross Domes­tic Prod­uct (GDP) for the first three months of 2024 was low­er than pre­dict­ed, open­ing up Pres­i­dent Joe Biden to a fresh round of crit­i­cism.
Bureau of Eco­nom­ic Analy­sis num­bers, post­ed to X in chart-form by the White House Coun­cil of Eco­nom­ic Advis­ers, showed this eco­nom­ic mea­sure­ment that is known as “real GDP” grew by 1.6% in the first quar­ter on an annu­al­ized basis, below expec­ta­tions of 2.5%.

Today’s report—the advance esti­mate of first quar­ter GDP in 2024—shows that real GDP grew by 1.6% in Q1, below expec­ta­tions of 2.5%. Growth in Q1 pri­mar­i­ly reflect­ed con­tri­bu­tions from con­sump­tion and pri­vate fixed invest­ment. 1/ pic.twitter.com/verrExDrq8
— Coun­cil of Eco­nom­ic Advis­ers (@WhiteHouseCEA) April 25, 2024

Experts attrib­uted the weak­er-than-antic­i­pat­ed num­ber to con­sumer spend­ing growth dip­ping below esti­mates while i …