Plenty of this floating around in the economy
With less than 11 months until the 2024 elections, the U.S. economy under the stewardship of President Joe Biden is looking quite strong. Here are some of the latest numbers demonstrating that so-called “Bidenomics” is working:
—Economic growth last quarter, as represented by the change in the Gross Domestic Product (GDP), was a stunning 5.2 percent.
—Inflation continues to tick down, and is now at 3.1 percent. The Federal Reserve says it expects that number to continue to drop to the mid-2 percent range next year, and even lower in 2025, towards the Fed’s dream 2 percent target. The scenario we’re experiencing is the rare “soft landing” that avoids a recession. Moreover, President Biden deserves credit, for example, for getting the Inflation Reduction Act passed through a sharply divided Congress.
–As a result, the Fed this week decided against another interest rate increase, instead stating that it plans three rate cuts in 2024. That is welcome news for any business or individual desiring to borrow money, whether for a home mortgage, a new car, new factory equipment, etc.
–November retail sales figures just came in yesterday, and showed a surprising .3% growth versus an expected .1% decline. Apparently, U.S. consumers felt confident enough about their economic prospects to spend well on Black Friday and into this holiday season.
Who has recognized these strong economic numbers? Certainly, Wall Street, as well as institutional and individual investors, have done so. The U.S. stock market set new record highs this week on the good news and Fed actions.
So what should we do in the face of such good economic news under President Biden? Given that the name of this site is Messaging Matters, you know the answer: spread the word. It’s time to talk up the U.S. economy on your social media, at holiday dinners, in conversations with friends and colleagues, and wherever else you can do so.
Photo by Pictures of Money, used under Creative Commons license. https://is.gd/yz2Jbn
