{"id":2230535,"date":"2024-04-25T20:47:02","date_gmt":"2024-04-26T00:47:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-takes-lumps-after-shocking-gdp-report\/"},"modified":"2024-04-25T20:49:07","modified_gmt":"2024-04-26T00:49:07","slug":"bidenomics-takes-lumps-after-shocking-gdp-report","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-takes-lumps-after-shocking-gdp-report\/","title":{"rendered":"Bidenomics&#8217; Faces Criticism Following &#8216;Shocking&#8217; GDP Report"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidenomics-takes-lumps-after-shocking-gdp-report%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2230535&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The Biden administration&#8217;s &#8220;Bidenomics&#8221; efforts faced scrutiny after\u2062 reporting a lower-than-expected GDP for the first quarter of\u2064 2024. Despite the President&#8217;s positive stance on the economy, experts attributed the weaker GDP to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fed-found-economy-is-recovering-much-faster-than-officials-expected\/\" title=\"Fed Found Economy Is Recovering Much Faster Than Officials Expected\">consumer spending<\/a> and inflation\u200c concerns. Critics expressed shock over the figures, with implications of potential stagflation. Challenges remain, especially regarding costs for working families.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p>Despite a years-long \u201cBidenomics\u201d campaign to <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/06\/28\/bidenomics-is-working-the-presidents-plan-grows-the-economy-from-the-middle-out-and-bottom-up-not-the-top-down\/\" target=\"_blank\" rel=\"noopener\">grow the economy<\/a>, the Biden administration <a href=\"https:\/\/twitter.com\/WhiteHouseCEA\/status\/1783481184984383759\" target=\"_blank\" rel=\"noopener\">announced<\/a> on Thursday that <a href=\"https:\/\/www.barrons.com\/livecoverage\/us-gdp-first-quarter-report\" target=\"_blank\" rel=\"noopener\">inflation-adjusted<\/a> Gross Domestic Product (GDP) for the first three months of 2024 was lower than predicted, opening up President Joe Biden to a fresh round of criticism.<\/p>\n<p>Bureau of Economic Analysis numbers, <a href=\"https:\/\/twitter.com\/WhiteHouseCEA\/status\/1783481184984383759\" target=\"_blank\" rel=\"noopener\">posted<\/a> to X in chart-form by the White House Council of Economic Advisers, showed this economic measurement that is known as \u201creal GDP\u201d grew by 1.6% in the first quarter on an annualized basis, below expectations of 2.5%.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Today\u2019s report\u2014the advance estimate of first quarter GDP in 2024\u2014shows that real GDP grew by 1.6% in Q1, below expectations of 2.5%. Growth in Q1 primarily reflected contributions from consumption and private fixed investment. 1\/ <a href=\"https:\/\/t.co\/verrExDrq8\">pic.twitter.com\/verrExDrq8<\/a><\/p>\n<p>\u2014 Council of Economic Advisers (@WhiteHouseCEA) <a href=\"https:\/\/twitter.com\/WhiteHouseCEA\/status\/1783481184984383759?ref_src=twsrc%5Etfw\">April 25, 2024<\/a><\/p>\n<\/blockquote>\n<p>Experts <a href=\"https:\/\/twitter.com\/jasonfurman\/status\/1783489264073973972\" target=\"_blank\" rel=\"noopener\">attributed<\/a> the weaker-than-anticipated number to <a href=\"https:\/\/twitter.com\/LizYoungStrat\/status\/1783493757553263073\" target=\"_blank\" rel=\"noopener\">consumer spending<\/a> growth dipping below estimates while inventories and net exports <a href=\"https:\/\/twitter.com\/KathyJones\/status\/1783475898530111680\" target=\"_blank\" rel=\"noopener\">dropped<\/a>. There was also 3.4% annualized rate growth for the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/benchmark-inflation-measure-hits-highest-level-in-30-years\/\" title=\"Benchmark Inflation Measure Hits Highest Level In 30 Years\">personal consumption expenditures price index<\/a>, a key <a href=\"https:\/\/www.cnbc.com\/2024\/04\/25\/gdp-q1-2024-increased-at-a-1point6percent-rate.html\" target=\"_blank\" rel=\"noopener\">inflation indicator<\/a> gain that could discourage Federal Reserve <a href=\"https:\/\/www.streetinsider.com\/Economic+Data\/Q1+US+GDP+shows+surprise+slowing+and+uncomfortable+inflation\/23115683.html\" target=\"_blank\" rel=\"noopener\">interest rate cuts<\/a>.<\/p>\n<p>\u201cThese GDP numbers were shocking,\u201d <a href=\"https:\/\/twitter.com\/MAGAIncWarRoom\/status\/1783516602819805209\" target=\"_blank\" rel=\"noopener\">said<\/a> Fox Business anchor David Asman. \u201cWe were expecting a 2.4% growth. The actual came in at 1.6 \u2014\u00a0a huge loss \u2014 and with rising inflation \u2014 even the Fed is admitting that inflation is not only sticky, it seems to be going in the wrong direction \u2014\u00a0that adds up to stagflation.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">FOX BUSINESS: &#8220;These GDP numbers were shocking. We were expecting a 2.4% growth. The actual came in at 1.6\u2013a huge loss\u2013and with rising inflation\u2026that adds up to stagflation.&#8221;<\/p>\n<p>&#8220;That&#8217;s something we haven&#8217;t seen since the 1970&#8217;s.&#8221; <a href=\"https:\/\/t.co\/78Ks3Rjq0X\">pic.twitter.com\/78Ks3Rjq0X<\/a><\/p>\n<p>\u2014 MAGA War Room (@MAGAIncWarRoom) <a href=\"https:\/\/twitter.com\/MAGAIncWarRoom\/status\/1783516602819805209?ref_src=twsrc%5Etfw\">April 25, 2024<\/a><\/p>\n<\/blockquote>\n<\/p>\n<p>A statement from Biden on Thursday reacting to the GDP numbers focused on the long-term rather than the economic reality of the past few months that showed the lowest quarterly real GDP rate in more than a year.<\/p>\n<p>\u201cToday\u2019s report shows the American economy remains strong, with continued steady and stable growth,\u201d Biden <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2024\/04\/25\/statement-from-president-joe-biden-on-first-quarter-2024-gdp\/#:~:text=Today's%20report%20shows%20the%20American,for%20more%20than%20two%20years.\" target=\"_blank\" rel=\"noopener\">said<\/a>. \u201cThe economy has grown more since I took office than at this point in any presidential term in the last 25 years \u2014 including 3% growth over the last year \u2014 while unemployment has stayed below 4% for more than two years.\u201d<\/p>\n<p>Still, Biden said there is \u201cmore work to do,\u201d noting that costs are \u201ctoo high\u201d for working families. He reiterated a \u201cmiddle out and bottom up\u201d mantra from his \u201cBidenomics\u201d agenda while talking about tackling junk fees, housing costs, taxes, and health care.<\/p>\n<p><b><a href=\"https:\/\/onelink.to\/dwapp\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"sk-tooltip-9096\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/onelink.to\/dwapp&#038;source=gmail&#038;ust=1700760801843000&#038;usg=AOvVaw2PQrVSrJfhxNb4LcARqniG\">CLICK HERE TO GET THE DAILYWIRE+ APP<\/a><\/b><\/p>\n<p>While Biden insisted congressional Republicans \u201chave no plan to lower costs,\u201d Sen. Rick Scott (R-FL) released a statement <a href=\"https:\/\/www.rickscott.senate.gov\/2024\/4\/sen-rick-scott-on-q1-gdp-report-bidenomics-is-fueling-america-s-decline\" target=\"_blank\" rel=\"noopener\">arguing<\/a> that Americans are struggling because of Biden\u2019s economic policies.<\/p>\n<p>\u201cEverywhere you look, companies are laying off employees and families are being stretched to the max by Biden\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-will-blame-anyone-but-biden-for-februarys-7-9-inflation-jump\/\" title=\"White House Will Blame Anyone But Biden For February\u2019s 7.9% Inflation Jump\">raging inflation crisis<\/a> and bad economy,\u201d Scott said. \u201cThat\u2019s why we are seeing job reports that month after month show a growth in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/5-reasons-making-taxpayers-pay-off-student-loans-is-a-rotten-idea\/\" title=\"5 Reasons Making Taxpayers Pay Off Student Loans Is A Rotten Idea\">part-time jobs<\/a> while full-time jobs decline.\u201d<\/p>\n<p>Former President Donald Trump, who, like Biden, is running another campaign for the White House this year, delivered remarks on the GDP numbers while at a courthouse in New York City where he is on trial in a hush-money case.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">President Trump: &#8220;As you probably have heard\u2026the GDP is all the way down to 1.6% and it&#8217;s heading south\u2026gasoline is going way up, energy costs are going way up\u2026this is Bidenomics\u2013it&#8217;s catching up with him.&#8221; <a href=\"https:\/\/t.co\/zywDJj5ZlB\">pic.twitter.com\/zywDJj5ZlB<\/a><\/p>\n<p>\u2014 MAGA War Room (@MAGAIncWarRoom) <a href=\"https:\/\/twitter.com\/MAGAIncWarRoom\/status\/1783487804153970967?ref_src=twsrc%5Etfw\">April 25, 2024<\/a><\/p>\n<\/blockquote>\n<p>With the GDP \u201cheading south\u201d and energy prices \u201cgoing way up,\u201d <a href=\"https:\/\/twitter.com\/MAGAIncWarRoom\/status\/1783487804153970967\" target=\"_blank\" rel=\"noopener\">Trump said<\/a>, \u201cthis is Bidenomics! It\u2019s catching up with him.\u201d<\/p>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite the prolonged &#8220;Bidenomics&#8221; drive to boost the economy, the Biden administration disclosed lower-than-expected inflation-adjusted GDP for the first quarter of 2024 on Thursday. This development has exposed President Joe Biden to renewed criticism. The Bureau of Economic Analysis figures were illustrated in a chart on X<\/p>\n","protected":false},"author":1588,"featured_media":2230536,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/04\/GettyImages-2149560132-e1714071103688.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2230535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/04\/GettyImages-2149560132-e1714071103688.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2230535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1588"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2230535"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2230535\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2230536"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2230535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2230535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2230535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}