ICYMI thanks to competing news, Bidenomics is producing blockbuster growth in the economy:
The U.S. economy grew by an annualized rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.
New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.
The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength.
What’s particularly remarkable is that the economy grew so strongly amid the highest interest rates in more than 15 years, as the Federal Reserve tries to cool the economy down to curb inflation.
“It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s, and — guess what — the economy’s accelerating. We really underestimated how much consumers could keep spending.”
The recent surge is a sign that some of the Biden administration’s policies are helping juice the economy at a critical time. Economists say it’s clear that recent investments in infrastructure are paying off: Robust manufacturing construction and government spending drove much of last quarter’s growth, and households have continued to benefit from historic job gains... (our emphasis)
Of course, this is hardly going to penetrate the skulls of many Americans, who rely on "feels" and Facebook gnomes to tell them how bad things must be. We live in a deeply mis- connected and stupid age. But, for what it's worth, thanks Biden!
