ICYMI: U.S. Economy Continues to Grow, Surpass Expectations Under President Biden’s Economic Leadership

January 26, 2023

Today’s Q4 economic report brought good news for Georgians, showing that the economy surpassed expectations for growth under President Biden’s economic leadership. The news of the national economy’s “solid” end of the year comes on the heels of another report earlier this month showing that inflation has now fallen for six months in a row. These reports confirm that President Biden and Democrats’ economic plan is working – lowering costs, creating opportunity, and building an economy that works for working Georgians.

Meanwhile, as Democrats deliver on easing inflation and steering the economy to recovery from the pandemic, Republicans in Congress – led by Georgia GOP Rep. Buddy Carter – are working to pass a tax bill that would “disproportionately hit the middle class”, cut crucial Social Security and Medicare benefits for seniors, and make it easier for the ultra-wealthy to cheat on their taxes. 

Read more about how Democrats’ economic plan is working: :

New York Times: U.S. Economy Showed Momentum at Year’s End, Defying Recession Fears

Key Points:

  • The economy remained resilient last year in the face of inflation, war and a Federal Reserve intent on curbing the pace of growth.
  • U.S. gross domestic product, when adjusted for inflation, increased at an annual rate of 2.9 percent in the fourth quarter of 2022, the Commerce Department said on Thursday. That was down from 3.2 percent in the third quarter, but nonetheless represented a solid end to a topsy-turvy year in which the economy contracted in the first six months, prompting talk of a recession, only to rebound in the second half.
  • The labor market remains the clearest source of optimism in the economy. Despite high-profile job cuts in tech, there has been no significant increase in layoffs more broadly, and the unemployment rate remains at a half-century low. Government data next week is expected to show that employers continued adding jobs in January.
  • Inflation, meanwhile, has been easing. That could allow the Fed to raise rates more slowly, reducing the risk that it will go too far in cooling off the economy.
  • “We’ve seen good news on inflation even with the labor market staying strong,” said Wendy Edelberg, director of the Hamilton Project, an economic policy arm of the Brookings Institution. “Now monetary policy can be a little more patient.”

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