Despite a years-long “Bidenomics” campaign to grow the economy, the Biden administration announced on Thursday that inflation-adjusted 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.
Bureau of Economic Analysis numbers, posted to X in chart-form by the White House Council of Economic Advisers, showed this economic measurement that is known as “real GDP” grew by 1.6% in the first quarter on an annualized basis, below expectations of 2.5%.
Today’s report—the advance estimate of first quarter GDP in 2024—shows that real GDP grew by 1.6% in Q1, below expectations of 2.5%. Growth in Q1 primarily reflected contributions from consumption and private fixed investment. 1/ pic.twitter.com/verrExDrq8
— Council of Economic Advisers (@WhiteHouseCEA) April 25, 2024
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