WASHINGTON, D.C. – Today, in response to the First Quarter 2024 Gross Domestic Product (GDP) announcement, Senator Rick Scott released the following statement highlighting failures of “Bidenomics” and economic hardships fueled by the Biden administration’s reckless tax-and-spend agenda. Today’s report shows that the fiscal health of the country is on decline—with GDP coming in at 1.6%, wildly below the expectation of 2.5%.

Senator Rick Scott said, “Under President Joe Biden’s failed leadership, the United States is in decline and the American Dream is dying. Bidenomics has been a complete disaster, America is not thriving and the American people are struggling. I’ve been warning about the dangers of Biden’s bad policies since the start of his administration and last year, I began distributing a quarterly Economic Snapshot that shows America’s decline under Biden’s disastrous agenda. Everywhere you look, companies are laying off employees and families are being stretched to the max by Biden’s raging inflation crisis and bad economy. That’s why we are seeing job reports that month after month show a growth in part-time jobs while full-time jobs decline.

“The reason for this economic failure is clear to every Floridian I talk to: reckless government spending and a massively growing regulatory regime are killing opportunity in this country, causing prices to skyrocket and digging America in nearly $35 TRILLION of debt that’s projected to grow by $1 TRILLION every 100 days. Even in the face of this hardship, I am always optimistic about the future of our country. I believe in the American Dream because I’ve lived it and showed during my time as governor of Florida that when you cut reckless spending, pay down the debt, and eliminate burdensome regulations, you can make government work for the people. It’s going to take hard work to bring fiscal sanity back to Washington, and it starts with getting Joe Biden out of the White House to stop his dangerous and socialist economic agenda.”  

MORE… Senator Scott highlights staggering debt projections in his Economic Snapshot:

Senator Scott’s Economic Snapshot highlights the fiscal cliff the country is quickly approaching and urges his colleagues to engage in a productive dialogue on how members can work together to fix the economic mess our country finds itself in today. This page highlights some staggering statistics:

1. Debt is projected to grow two times as fast as the economy over the next 30 years
2. Interest payments on national debt EXCEEDS defense spending
3. FY23 marked the 4^th year in a row of federal deficit spending over $1 trillion

Read Senator Scott’s full Spring 2024 Economic Snapshot ‘Breaking Down Bidenomics’ HERE or below:

Since being elected to the U.S. Senate, Senator Scott has repeatedly urged action to address America’s debt crisis and the harmful effects of inflation. Click HERE for a comprehensive list of his statements and actions on this urgent issue and HERE for Senator Scott’s Quarterly Economic Snapshot.

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