Press Releases

Biden And Pelosi’s Far-Left Policies Are Hindering Economic Growth

Washington, DC, July 30, 2021

Tags: Biden's Economic Crisis

The United States’ gross domestic product (GDP) grew at a “disappointing” 6.5% annual rate in the second quarter of 2021, falling well short of expectation. This disappointing report can be directly attributed to President Biden and House Democrats’ policies, which are incentivizing Americans to stay out of the workforce. Q2 GDP BY THE NUMBERS:

The 6.5% annual rate is considerably less than the 8.4% Dow Jones’ estimate.
Biden fell short of his own favored economic forecast, Moody’s, which predicted 9.6% growth for Q2.
The personal savings rate dropped sharply, tumbling to $1.97 trillion in the second quarter, compared with $4.07 trillion in the first quarter.
Economists expect GDP growth to slow to 3.5% annualized in the second half of this year.
Initial claims for unemployment insurance also missed expectations, with the 400,000 total above the 380,000 expectation.
President Biden’s Treasury Secretary Janet Yellen admitted that the unemployment bonus are likely discouraging work, saying that “it’s a significant issue.”