The White House had a perfect response to a New York Times parody account that claimed President Joe Biden's "booming" economy is "another broken promise."
The account, named New York Times Pitchbot, published the following post on X, formerly Twitter:
"We were told a recession was coming. Now the economy is booming. Another broken Biden promise."
You can see the post below.
The post comes on the heels of the latest news that the U.S. economy surged at an impressive 4.9 percent annual rate of growth between July and September, defying prior recession predictions. According to the Commerce Department, this growth rate was the fastest in nearly two years, surpassing the 2.1 percent annual rate of the previous quarter.
Although many have a dim view of the economy due to recent inflation and high gas prices, people continue to spend heartily on various items, including cars, restaurants, and entertainment.
The White House took notice and responded with the following:
"10/10. No notes."
You can see the post below.
People loved that the Biden administration had given Pitchbot's characterization of the economy as "booming" its seal of approval.
Economists expect the brisk growth to slow as higher long-term borrowing rates, combined with short-term rate hikes by the Federal Reserve, reduce spending by both businesses and consumers. Projections indicate that the growth rate could fall to just 1.5% in the last three months of this year.
Signs of a cooling economy—which has been the goal of the Federal Reserve's rate hikes—are already apparent, such as a 3.8% decline in business spending on equipment last quarter, likely due to the higher costs of borrowing. Growth was also driven by increased stockpiles of goods, which aren't expected to be repeated, and house and apartment construction, which is likely to decline as mortgage rates rise.
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