While highlighting new and ongoing infrastructure investments across the country, President Joe Biden on Thursday continued to praise a recent gross domestic product report that found the country’s economy grew at a 3.3% annual rate — much faster than expected — and gave credit to Americans. An economy that exceeded expectations.
“Thanks to the American people, America now has the strongest growth and lowest inflation rate of any major economy in the world,” he said at an event in Superior, Wisconsin. “It’s because of you.”
Thursday’s GDP report found that in addition to the economy growing at an unexpectedly fast pace, inflation has eased — showing Americans’ willingness to spend freely in the face of rising interest rates and price levels. The latest data marks the sixth consecutive quarter in which GDP grew at an annual rate of 2% or more.
Biden won to overcome expectations of a recession since he took office and headlines warning that a recession was just around the corner. With a chuckle, he read the upbeat headlines about a strong fourth quarter.
Here are this morning’s headlines from the Wall Street Journal and other newspapers: “US Shatters Expectations.” Second headline: “US economy booms in 2023.” Third: ‘The American economy grew at a shocking pace.’ “I liked the shocking pace,” Biden said. “But my favorite is from the Wall Street Journal: What recession? Growth ends up accelerating in 2023.”
As Biden prepares for the general election, he also emphasized how Americans are finally starting to feel better about the state of the economy, which will be a major issue for voters in November. He credited his policies with reaching an auspicious point with the economy.
“Just last week, we saw the biggest jump in 30 years and how positive consumers are feeling about the economy. Things are finally starting to take hold,” he said. “We’ve passed a lot of really good legislation. We knew it would take time for it to start taking hold, but it’s now firmly established in transforming the economy.”
While touting his successes, Biden also criticized former President Donald Trump Because of his recent statements The former president hoped that the economy would collapse under Biden.
Earlier this month, Trump said in an interview with Lou Dobbs that he wants the economy to collapse next year because “I don’t want to be Herbert Hoover.”
Biden asked: “Can you believe that?”
“Well, he said he hoped…it would happen soon while I was still president. That’s what he hoped for,” Biden said.
Biden said that although progress has been made, “clearly we have more work to do, but we are making real progress.”
This article originally appeared on abcnews.go.com