Biden’s Economic Crisis Continues As Third Quarter GDP Growth Comes In At A Disappointing 2%

President Biden told Americans that he would not “shut down the economy.” That was a LIE.

The U.S. gross domestic product (GDP) growth decelerated to a “disappointing” 2% annualized rate in the third quarter, which is far lower than the 2.7% economists had predicted and the slowest pace of growth since the start of the pandemic-era recovery.

Biden’s Far-Left Socialist agenda has incentivized Americans to stay out of the workforce, caused skyrocketing inflation, created a crippling supply chain crisis, and it has stalled the economic recovery he inherited from President Trump.

BIDEN’S ECONOMIC CRISIS BY THE NUMBERS:

  • The U.S. GDP came in at a “disappointing” 2% annualized rate in the third quarter.
    • The third quarter GDP came in far lower than the 2.7% economists had predicted.
    • This is the slowest growth rate since the start of the pandemic-era recovery.
    • After taxes and inflation, Real disposable personal income decreased 5.6% in the third quarter after decreasing 30.2% in the second quarter.
    • President Biden’s preferred economic forecaster, Moody’s Analytics, originally forecasted the American Rescue Plan would lead to growth of 9.3% and an economy valued at $20 trillion in real GDP.
    • The economy is over $600 billion short of President Biden’s own promises.
  • The “disappointing” third quarter GDP report comes at a time when inflation is skyrocketing.
  • Inflation is taxation, and it has gone up every month of Joe Biden’s presidency.
  • The average American household is paying an additional $175 a month on food, fuel, and housing because of inflation.
    • That is an OVER $2,000 a year tax Americans are paying.
  • Inflation is causing Americans to pay more for just about everythingwhile making less.
  • Shelves across the country are bare because of workforce shortages that have left a record number of container ships waiting to enter ports.
  • Biden and Pelosi are prioritizing their radical Socialist agenda.
  • In September, the U.S. economy added just 194,000 compared to the 500,000 economists expected.
  • This was the worst jobs report of Joe Biden’s presidency.
  • The labor force participation rate fell to 61.6% in September.

Instead of addressing the economic crisis facing America, House Democrats and Biden are pushing a tax and spend package, which is nothing more than a Far-Left Socialist wish list that will worsen the economic crisis facing Americans.

Read Ways and Means Republican Leader Kevin Brady’s statement on the disappointing third quarter report HERE.