The WSJ says Joe Biden and VP Kamala Haris have accomplished impressive growth in the economy over the past four years.
President Joe Biden and VP Kamala Harris administration's economic performance, highlighting a 2.7 percent growth rate over the past year, which outpaces other major developed economies. It notes that this growth is not just a result of increased resource usage but stems from enhanced productivity among workers and businesses. The author argues that this positions the next president favorably, as they won't inherit a recession, allowing for a more proactive agenda. Additionally, rising productivity could help mitigate inflation, sustain budget deficits, and lead to stronger wages. This perspective aligns with a more optimistic view of the current administration's economic policies.
Consumer spending, which accounts for about 70 percent of U.S. economic activity, accelerated to a 3.7 percent annual pace last quarter, up from 2.8 percent in the April-June period. Exports also contributed to the third quarter's growth, increasing at an 8.9 percent rate.
On the other hand, growth in business investment slowed sharply due to a drop in investment in housing and in nonresidential buildings such as offices and warehouses. But spending on equipment surged.
The Next President Inherits a Remarkable Economy. The high quality of recent economic growth should put a wind at the back of the White House’s next occupant
Three of the past four newcomers to the White House took office in or around a recession. Whoever wins the White House next week will take office with no shortage of challenges, but at least one huge asset: an economy that is putting its peers to shame.
With another solid performance in the third quarter, the U.S. has grown 2.7 percent over the past year. It is outrunning every other major developed economy, not to mention its historical growth rate.
https://www.wsj.com/economy/the-next-president-inherits-a-remarkable-economy-7be2d059