<p>Despite a years-long &#8220;Bidenomics&#8221; 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>
<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 &#8220;real GDP&#8221; grew by 1.6% in the first quarter on an annualized basis, below expectations of 2.5%.</p>
<p>https://twitter.com/WhiteHouseCEA/status/1783481184984383759</p>
<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 personal consumption expenditures price index, 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>
<p>&#8220;These GDP numbers were shocking,&#8221; <a href="https://twitter.com/MAGAIncWarRoom/status/1783516602819805209" target="_blank" rel="noopener">said</a> Fox Business anchor David Asman. &#8220;We were expecting a 2.4% growth. The actual came in at 1.6 — a huge loss — and with rising inflation — even the Fed is admitting that inflation is not only sticky, it seems to be going in the wrong direction — that adds up to stagflation.&#8221;</p>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
<p lang="en" dir="ltr">FOX BUSINESS: &quot;These GDP numbers were shocking. We were expecting a 2.4% growth. The actual came in at 1.6&#8211;a huge loss&#8211;and with rising inflation&#8230;that adds up to stagflation.&quot;</p>
<p>&quot;That&#39;s something we haven&#39;t seen since the 1970&#39;s.&quot; <a href="https://t.co/78Ks3Rjq0X">pic.twitter.com/78Ks3Rjq0X</a></p>
<p>&mdash; MAGA War Room (@MAGAIncWarRoom) <a href="https://twitter.com/MAGAIncWarRoom/status/1783516602819805209?ref_src=twsrc%5Etfw">April 25, 2024</a></p></blockquote>
<p>&nbsp;</p>
<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>
<p>&#8220;Today’s report shows the American economy remains strong, with continued steady and stable growth,&#8221; 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>. &#8220;The economy has grown more since I took office than at this point in any presidential term in the last 25 years — including 3% growth over the last year — while unemployment has stayed below 4% for more than two years.&#8221;</p>
<p>Still, Biden said there is &#8220;more work to do,&#8221; noting that costs are &#8220;too high&#8221; for working families. He reiterated a &#8220;middle out and bottom up&#8221; mantra from his &#8220;Bidenomics&#8221; agenda while talking about tackling junk fees, housing costs, taxes, and health care.</p>
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<p>While Biden insisted congressional Republicans &#8220;have no plan to lower costs,&#8221; 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&#8217;s economic policies.</p>
<p>&#8220;Everywhere you look, companies are laying off employees and families are being stretched to the max by Biden’s raging inflation crisis and bad economy,&#8221; Scott said. &#8220;That’s why we are seeing job reports that month after month show a growth in part-time jobs while full-time jobs decline.&#8221;</p>
<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>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
<p lang="en" dir="ltr">President Trump: &quot;As you probably have heard&#8230;the GDP is all the way down to 1.6% and it&#39;s heading south&#8230;gasoline is going way up, energy costs are going way up&#8230;this is Bidenomics&#8211;it&#39;s catching up with him.&quot; <a href="https://t.co/zywDJj5ZlB">pic.twitter.com/zywDJj5ZlB</a></p>
<p>&mdash; MAGA War Room (@MAGAIncWarRoom) <a href="https://twitter.com/MAGAIncWarRoom/status/1783487804153970967?ref_src=twsrc%5Etfw">April 25, 2024</a></p></blockquote>
<p>With the GDP &#8220;heading south&#8221; and energy prices &#8220;going way up,&#8221; <a href="https://twitter.com/MAGAIncWarRoom/status/1783487804153970967" target="_blank" rel="noopener">Trump said</a>, &#8220;this is Bidenomics! It&#8217;s catching up with him.&#8221;</p>

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‘Bidenomics’ Takes Lumps After ‘Shocking’ GDP Report