‘Bidenomics’ Takes Blow After ‘Shocking’ GDP Report

(ConservativeSense.com) – A new report has revealed that America’s Gross Domestic Product (GDP) was lower than predicted for the first quarter of 2024. The Bureau of Economic Analysis posted the figures to Twitter, revealing growth of 1.6%, far lower than the expected 2.5%. Some analysts said GDP was down because consumer spending and exports had dropped.

President Biden issued a statement insisting the economy is strong and stable and claiming it has grown more under his leadership “than at this point in any Presidential term in the last 25 years.” The President boasted of 3% growth last year and unemployment below 4% for two years.

Nevertheless, he conceded that more must be done and that prices remain too high. The President said he would continue to challenge the major drug companies on pricing, build a million new homes to bring down property costs, and ban junk fees, which he described as ripping off American families. Biden also accused Congressional Republicans of having “no plan to lower costs.”

This allegation prompted a furious response from Republicans, including Floridian Senator Rick Scott. Mr. Scott said, “Bidenomics” is destroying America and killing the American dream. He said companies are laying off staff nationwide, and the public is clear about what has gone wrong – reckless government spending.

The Senator said people in the Sunshine State repeatedly tell him that excessive spending and burdensome regulation are causing America’s $35 trillion debt to climb and climb, placing the country in economic peril. Scott noted that interest payments on government debt are higher than defense spending, and debt is expected to grow twice as fast as the economy over the next three decades. Furthermore, the Senator said the fiscal year 2023 was the fourth in a row in which federal deficit spending exceeded $1 trillion.

Speaking in New York City, Donald Trump said “Bidenomics” was “catching up” with the President. Trump declared that growth is down while gas and energy prices continue to climb.

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