4 months ago
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News that the U.S. economy grew at a brisk 3.3% annual pace since October wasn't just good: It was great in a lot of ways.
On average, the economy grew a robust 2.5% in 2023—a year in which analysts practically tried to speak a recession into reality. No such luck. In fact, from the fourth quarter of 2022 to the fourth quarter of 2023, the economy grew 3.1%.
The combination of increasing consumption, low unemployment, and falling inflation even had a Fox Business reporter gushing over President Joe Biden's economy.
"It's a sweet spot," remarked Fox Business' Lauren Simonetti, calling consumption "formidable" over the holidays. "We're seeing an economy that is proving resilient—growing as inflation is moderating. That's why I'm calling this the sweet spot, right? Enough growth to cool inflation."
The New York Times' Paul Krugman likewise dubbed it the "Goldilocks economy," neither too hot nor too cold. And Krugman predicts the country's inflationary woes are now over.
In other words, it continues to look as though the Biden administration is overseeing a "soft landing" for the economy—one that supposedly couldn't be achieved.
