US economic growth over 5-year period 'significantly revised upwards'

On the campaign trail, 2024 GOP presidential nominee Donald Trump has repeatedly claimed that President Joe Biden inherited a robust economy from him and ran it into the ground — a claim that Vice President Kamala Harris, the Democratic nominee, has attacked as total fiction.

Harris, in interviews and campaign speeches, has argued that the Biden Administration has a much stronger record on job creation than Trump.

The United States, according to the U.S. Bureau of Labor Statistics (BLS), had an unemployment rate of only 4.2 percent in August. And in the late September, the Congressional Budget Office (CBO) had encouraging news on economic growth.

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In a September 26 post on X, formerly Twitter, Bobby Kogan — senior director of federal budget policy for the Center for American Progress (CAP) — is impressed by the economic data he's seeing.

"Wow! US economic growth over the past 5 years was just significantly revised upwards," Kogan tweets. "Not only is the economy in 2024 stronger than we thought it would be back in 2020 & 2021 - it's much stronger. The purple line is what we thought yesterday. The blue line is what we know now."

The purple line in a U.S. Bureau of Economic Analysis chart tweeted by Kogan is positive, but the blue line is more positive.

Kogan elaborated in a separate tweet, posting, "Inflation-adjusted wage growth for non-supervisors/managers has been growing at its pre-pandemic trend! And it's been strongest for the very poorest workers, leading a massive decline in income inequality that has undone 1/3 of its growth since Reagan! More to go, but it rules."

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