Proving the experts wrong, the Biden economy is booming while reducing inequality

President Joe Biden has been having some fun with the economists whose predictions about the economy were so wrong. He jabbed back: “Experts, from the time I got elected, were insisting that a recession was just around the corner. Every month, there was going to be a recession.” Instead, economic growth has been robust.  

When 2023 began, just about everybody who had an opinion was predicting the U.S. would be in a recession by year’s end. It hasn’t happened. Not only that, but the U.S. economy is growing (as measured by gross domestic product, an admittedly incomplete measure of our economy but one that does allow for comparisons over time) like gangbusters. As Harvard economist and former Obama economic adviser Jason Furman—who ran with the crowd of pessimists—admitted, “Economists can learn a huge, healthy dose of humility.”

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