Republicans have spoken about “Joe Biden’s recession” as a result of increasing inflation and declining stock markets throughout the most of this year.
In response, Mr. Biden asserted that the economy is “as strong as hell,” citing low unemployment and good job growth.
The most recent quarterly data, however, demonstrate positive expansion. The US GDP, a measure of a nation’s economic activity, increased at an estimated annual pace of 2.6% from July to September.
The German economy expanded by 0.3% during this time. France saw a growth of 0.2%.
The Covid pandemic had a dramatic effect on economic growth during the Trump administration, with lockdowns leading to a sharp decline in 2020, which was followed by a similarly dramatic recovery after the restrictions were relaxed.
On a longer time scale, the economy grew more during Mr. Biden’s first year in office (starting in January 2021) than it did throughout the administrations of Presidents Trump and Obama.
Looking ahead, OECD projections for 2023 show the US trailing several other major economies, including China, Japan, and France, in terms of economic growth.
