Show notes
The U.S. economy grew by 2.6% in the third quarter of 2022, according to the U.S. Bureau of Economic Analysis reportreleased Thursday.
Compared with the gross domestic product figure from the second quarter, which showed the economy shrunk 0.6%, that appears to be solid economic growth.
Not quite—according to E.J. Antoni, a research fellow in regional economics in the Center for Data Analysis at The Heritage Foundation. (The Daily Signal is the news outlet of The Heritage Foundation.)
"Usually, when we talk about these numbers, we always think a growing GDP means a growing economy, and that's good for people, but this is one of those instances where that's not really the case," Antoni says.
Antoni offered his predictions for future GDP reports.
"As a former bartender, I'll use a bit of an alcohol analogy here. This last report—the third-quarter report, that is—I think was last call. So, if you want to judge the party based on alcohol consumption, things are looking great. That's a high number, " he says.
"But viewed in context, the party's over. And I think from here on out, we go back to negative numbers," he added.
Antoni joins "The Daily Signal Podcast" to discuss the GDP further, as well as President Joe Biden's false claim that he won congressional passage of his student-loan forgiveness plan, and how the economy is affecting Americans.
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