June 25, 2021/Media, Press

ICYMI: U.S. Economy Grows 6.4% In Q1 Thanks to President Biden’s Leadership

AUSTIN, Texas — This week, the Associated Press broke the news that the U.S. economy has grown 6.4 % in the first quarter of 2021 — considerable gains made thanks to President Biden’s leadership, and a clear sign that our economy is back on track.

This progress is squarely thanks to Democrats and President Biden’s American Rescue Plan, which provided key relief to American families and boosted communities and small businesses at a key moment in our country’s COVID-19 recovery. Every single Republican in Congress voted against the relief that made this economic progress possible — including Texas Senators John Cornyn and Ted Cruz, and every single Texas Republican in the U.S. House of Representatives.

More from the AP:

“The U.S. economy grew at a solid 6.4% rate in the first three months of the year, setting the stage for what economists believe may be the strongest year for the economy in about seven decades.”

“[Lead U.S. economist for Oxford Economics Lydia] Boussour forecast that GDP growth in the current April-June quarter will surge to an annual rate of 12% and growth for the entire year will come in at 7.5%. That would be the best annual performance since 1951.”

“Economists believe that economic growth has continued to accelerate in the current quarter, which ends this month, as vaccinations become widespread and Americans eager to get outside are being welcomed by newly re-opened businesses. Surging activity from consumers is being fueled in part by nearly $3 trillion in financial support that the government has approved since December.”

Texas Democratic Party Chair Gilberto Hinojosa issued the following statement:

“Thanks to President Biden, America is back. This week, we got the news that our economy is showing some of the strongest growth since the 1950s. A stronger economy means more stability for families, more opportunities for working folks, and a better shot for all our communities. Texas families are finally getting a leg up and a chance to get ahead, and that’s because of the American Rescue Plan and President Biden’s leadership.

“When Americans needed help, Democrats were there. In contrast, every single Texas Republican voted against getting relief money to families, against getting vaccination funding to communities, and against helping our country recover from the worst pandemic in our lifetimes. However, despite Republicans’ best efforts, America is recovering and getting even stronger — and Democrats will continue fighting to make sure every single family can share in our country’s success.”