Biden praises the Americans' strong economy and uses his election victories to “turn the economy around”

Biden took a victory lap by beating predictions of a recession.

January 25, 2024, 3:59 p.m. ET

• 5 minutes read

While highlighting new and ongoing infrastructure investments across the country, President Joe Biden on Thursday continued to praise and credit Americans for the latest GDP report that found the country's economy grew 3.3% annually – much faster than expected an economy that has exceeded expectations.

“Thanks to the American people, America is now experiencing the strongest growth and lowest inflation of any major economy in the world. That’s up to you,” he said at an event in Superior, Wisconsin.

The GDP report released Thursday concluded that not only is the economy growing faster than expected, but inflation has also eased – showing that Americans are willing to spend freely in the face of high interest rates and price levels. The latest data marked the sixth consecutive quarter in which GDP grew by 2% or more annually.

President Joe Biden speaks about funding for the I-535 Blatnik Bridge at Earth Rider Brewery on January 25, 2024 in Superior, Wisconsin. Biden discussed his economic agenda and recent federal funding for infrastructure projects. Stephen Maturen/Getty Images

Since taking office, Biden has overcome predictions of a recession and the constant headlines warning that a recession was imminent gave Biden a victory. He read the optimistic headlines about the strong fourth quarter with a laugh.

“Here are this morning's headlines from the Wall Street Journal and other newspapers: 'U.S. exceeds expectations.' Second headline: “The US economy boomed in 2023.” Third: “The US economy grew at a shocking pace.” “I love the 'shocking pace,'” Biden said. “But my favorite is from the Wall Street Journal: ‘What Recession? Growth ended with an acceleration in 2023.'”

As Biden prepares for the general election, he also stressed that Americans are finally feeling better about the economy, which will be a key issue for voters in November. He credited his policies with reaching a favorable point with the economy.

President Joe Biden visits guests at Earth Rider Brewery's Cedar Lounge Tap Room after speaking about the bipartisan infrastructure bill at the brewery on January 25, 2024 in Superior, Wisconsin. Saul Loeb/AFP via Getty Images

“Just last week we saw the biggest jump in 30 years and how positively consumers feel about the economy. Things are finally starting to take hold,” he said. “We passed a lot of really good laws. We knew it would take some time for them to catch on, but now it has proven effective in getting the economy back on track.”

And while touting his successes, Biden also criticized former President Donald Trump over his recent comments that the former president hoped the economy would collapse on Biden's watch.

President Joe Biden waves to the audience after speaking about funding for the I-535 Blatnik Bridge at Earth Rider Brewery on January 25, 2024 in Superior, Wisconsin.Stephen Maturen/Getty Images

Earlier this month, Trump said in an interview with Lou Dobbs that he wanted the economy to collapse next year because “I don't want to be Herbert Hoover.”

Biden asked, “Can you believe it?”

“Well, he said he hopes… it happens soon while I'm still president. That’s what he’s hoping for,” Biden said.

Although progress is being made, Biden said, “We still have more work to do, of course, but we are making real progress.”