The US Bureau of Economic Analysis (BEA) has reported a 2.8% Gross Domestic Product (GDP) for the third quarter of 2024.
Conservatives and progressives have harnessed the news to attack and commend Democrat economic policy, respectively.
The 2.8% GDP rate shrunk from the previous quarter’s 3% rate, despite economists’ prediction rates would grow to 3.1%.
The US’ current GDP lags behind that of countries like China, India, Niger, and many others.
Conservatives have slammed President Joe Biden as responsible for the waning GDP growth rate.
US Senator Rick Scott (R-FL) accused President Biden of ushering in an economic agenda that is “a complete disaster.”
“The numbers show a country in economic decline, and we all know it’s caused by reckless government spending and a massively growing regulatory regime are killing opportunity in this country, causing prices to skyrocket and digging America in nearly $36 TRILLION of debt,” charged Senator Scott. “We cannot continue down this path of fiscal insanity. It’s going to take hard work to get back on track, but I have faith in the American people and believe there will be a sea change in Washington come the new year.”
Conversely, Biden characterized the GDP news as a testament to the success of his economic policies.
“Today’s GDP report shows how far we’ve come since I took office—from the worst economic crisis since the Great Depression to the strongest economy in the world,” said Biden.
The economy has become a major issue for voters in the upcoming presidential elections.
The latest polls suggest President Donald Trump leads Vice President Kamala Harris on the issue.
Overall, President Trump is being forecasted as the likely winner in next week’s elections by razor thin margins.
