And the economy has remained remarkably resilient, adding over 300,000 jobs per month in the first quarter, something Biden noted in comments on the growth figures on Thursday. Still, the GDP report included some bright spots, including continued strong consumer spending, which drives about two-thirds of economic growth. Yet unlike then, the economy is clearly slowing now, presenting Biden with a potential hurdle to his securing a second term. The Commerce Department reported the economy expanded by just 1.1 percent in the first three months of the year, well below expectations of 2 percent growth and down from 2.6 percent in the fourth quarter of last year.īiden’s bullish comments echoed President Ronald Reagan’s “Morning in America” reelection theme from 1984. The government’s latest GDP report Thursday underlined those concerns. economy is unwell, and it’s starting to show,” Gregory Daco, chief economist at EY-Parthenon, tweeted Thursday morning. And fresh risks loom for Biden’s reelection campaign economy, including a potentially market-shaking fight over raising the debt limit and the risk of a banking industry meltdown that’s causing lenders to tighten up on credit.
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