Biden highlights 'great' economic report ahead of midterms: 'Things are looking good'

Biden and Democrats need big economic wins ahead of the midterm elections, which polls show favor Republicans

President Biden touted Thursday's positive economic report that showed America's economy growing for the first time this year.

Biden jogged over to reporters to highlight the 2.6% increase before hopping onto Marine One and traveling to campaign events in New York. The economic rebound comes after the U.S. economy shrank for the first six months of the year, meeting the technical definition of a recession. Economists warn that the country is not out of the woods yet, however, and may face further economic downturn in the coming months.

"Great economic report today, the GDP report. Things are looking good," Biden told the group of reporters before moving off toward the helicopter.

Biden chipper announcement comes a day after he made the dubious claim that prices for basic goods like gas and groceries in the U.S. are approaching their pre-pandemic levels. Biden has sought to make a final economic pitch to voters ahead of a midterm election cycle that polls suggest will be grim for Democrats.


President Biden speaks at the North America's Building Trades Unions (NABTU) Legislative Conference at the Washington Hilton in Washington, Wednesday, April 6, 2022. (AP Photo/Carolyn Kaster)

President Biden speaks at the North America's Building Trades Unions (NABTU) Legislative Conference at the Washington Hilton in Washington, Wednesday, April 6, 2022. (AP Photo/Carolyn Kaster) (AP Photo/Carolyn Kaster / AP Newsroom)

person pumping gas into vehicle

A motorist pumps gasoline at a Mobil gas station following Russia's invasion of Ukraine, in West Hollywood, Calif., Friday, Feb. 25, 2022. (AP Photo/Damian Dovarganes) (AP Photo/Damian Dovarganes / AP Newsroom)

"Gas prices are continuing to go down. And because are going down, we're making serious progress on getting prices close to what they were before the pandemic," Biden said Wednesday. "The most common price right now in America is three dollars and thirty-nine cents a gallon."

The AAA placed the national gas price average at $3.76 per gallon as of Wednesday, however. Gas prices in February 2020, just prior to the pandemic, were at $2.51 per gallon, a far cry from today's rate.

The cost of groceries and common apparel remains far higher than pre-pandemic levels as week, with the Consumer Price Index saying eggs were up 30.5% in the past year, while coffee was up 15.7%; women's apparel up 7.3%; sports equipment up 6.5%, and furniture and bedding up 10.1%, according to the CPI's September report.


grocery store

A growing number of seniors have now turned to food assistance programs according to the Senior Citizens League. (Fox News / Fox News)

Biden has sought to paint Republicans as dangerous for the economy in the final weeks before midterm elections. However, polls show inflation and the economy are not only the top issues for voters, but also that voters trust Republicans to handle them more effectively.

"Republicans have made it clear that if they win control of the Congress, they will shut down the government, refuse to pay our bills, and it will be the first time in the history of America that we will default--unless I yield and cut social security and Medicare … They're threatening to default on the federal debt. There's nothing that would create more chaos, more inflation, more damage to the American economy than this," Biden argued during a speech at the Democratic National Committee headquarters on Monday.

President Biden's own polling numbers have dropped since Democrats first got a boost in the polls in July and August, falling to 39% on Monday. A Fox News Poll found that just 33% of voters would choose to re-elect the president.


Another poll from the Associated Press poll found that with 49% of voters said they were more likely to vote for a Republican candidate on Election Day, compared to 45% who leaned toward Democrats.