Biden says U.S. economy grows in Q3
President Joe Biden highlighted the giant investments being made in semiconductor manufacturing on U.S. soil in an effort to regain the Democrats’ reputation as the party that runs the economy best in the run-up to the midterm elections for Congress.
Before leaving the White House for Syracuse, N.Y., Biden got some good news: a rebound in U.S. GDP growth in the third quarter averted fears that the world’s largest economy was sliding into recession.
“Things are looking good!” – the president said, addressing reporters.
Biden recalled the growth of U.S. GDP in Syracuse, the site of Micron’s future $100 billion semiconductor plant, a crucial high-tech product that Joe Biden said could be the cornerstone of a U.S. manufacturing revival.
Democrats are projected to lose control of the House and possibly the Senate in the Nov. 8 election. Biden criticized Republicans’ views on the economy, an area in which Democrats are on the defensive as Americans face the highest inflation in four decades.
Numerous large investments in the semiconductor and electric vehicle sectors are skyrocketing across the country, aided by stimulus in the form of multibillion-dollar bills passed by the Democrat-led Congress.
Biden says it shows his support for the working class, whose representatives have supported Donald Trump and Republicans over the past few years, in part because of frustration over moving manufacturing overseas.
According to Biden, central and upstate New York, geographically and culturally very far from the gloss of New York itself, used to be “the center of manufacturing.” Now “the region is poised to become a world leader in advanced manufacturing again.”
The Micron plant “ensures that the future is being made in America,” he said, and is “part of a broader economic story that we are building that works for everyone.”
It is a testament to how difficult the situation is for Democrats less than two weeks before Election Day that even the Democrats’ longtime stronghold, New York State, no longer automatically supports the party. The state’s incumbent governor, Kathy Hocul, who visited Syracuse with Biden, was among those facing unexpectedly strong support from a Republican challenger in the election.
Democrats had hoped that dissatisfaction with an abortion ban in much of the country would provoke a backlash against Republicans and save Democrats from a long-predicted failure in the midterm elections. However, according to the polls, inflation and other economic issues are once again dominating the agenda.
As time runs out, Biden is campaigning hard, portraying Republicans as reckless and willing to cut social spending for the poor while protecting the wealthiest Americans.
Biden listed what he said was his administration’s list of accomplishments, including low unemployment, rising exports, higher wages and a series of measures to reduce health care costs, student debt and other problems.
Meanwhile, “many of the Republican friends in Congress seem to be hoping for a recession,” the president noted. He said Republican leaders have opposed many of the measures he has proposed and suggested that a rival party would try to force Social Security cuts by threatening to trigger a default on federal debt, which would cause “chaos” and “destroy the economy.”
“I can’t tell you what they stand for,” he said of the Republicans, noting that he only knows “what they stand against.”
Republican National Committee Chairwoman Ronna McDaniel mocked both Democrats and Biden’s trip to upstate New York.
“We’re less than two weeks away from the election, and Biden parachuted down to New York to save the Democrats,” she said. – This is going to have unpleasant consequences. Families can’t afford Biden and the Democrats’ crumbling economy, and voters everywhere are ready to vote Biden Democrats out of office.”