It’s Thursday…
President Biden’s public schedule for 10/31/2024:
10:00 AM In-Town Pool In-Town Pool Call Time |
11:30 AM Closed Press The President receives the President’s Daily Brief |
Third Quarter 2024 GDP Tweets
From Wednesday…
Today’s report confirms how far we’ve come since I took office, from the worst economic crisis since the Great Depression to the strongest economy in the world.
— President Biden (@POTUS) October 30, 2024
On my watch, the economy has grown 12.6%, and we’ve had the lowest average unemployment in 50 years.
BEA.gov said (10/30/2024):
Real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the third quarter of 2024 (table 1), according to the “advance” estimate released by the U.S. Bureau of Economic Analysis. In the second quarter, real GDP increased 3.0 percent.
The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (refer to “Source Data for the Advance Estimate” on page 2). The “second” estimate for the third quarter, based on more complete source data, will be released on November 27, 2024.
The increase in real GDP primarily reflected increases in consumer spending, exports, and federal government spending (table 2). Imports, which are a subtraction in the calculation of GDP, increased.
The increase in consumer spending reflected increases in both goods and services. Within goods, the leading contributors were other nondurable goods (led by prescription drugs) and motor vehicles and parts. Within services, the leading contributors were health care (led by outpatient services) as well as food services and accommodations. The increase in exports primarily reflected an increase in goods (led by capital goods, excluding automotive). The increase in federal government spending was led by defense spending. The increase in imports primarily reflected an increase in goods (led by capital goods, excluding automotive).
Compared to the second quarter, the deceleration in real GDP in the third quarter primarily reflected a downturn in private inventory investment and a larger decrease in residential fixed investment. These movements were partly offset by accelerations in exports, consumer spending, and federal government spending. Imports accelerated.
Current‑dollar GDP increased 4.7 percent at an annual rate, or $333.2 billion, in the third quarter to a level of $29.35 trillion. In the second quarter, GDP increased 5.6 percent, or $392.6 billion (tables 1 and 3).
The price index for gross domestic purchases increased 1.8 percent in the third quarter, compared with an increase of 2.4 percent in the second quarter (table 4). The personal consumption expenditures (PCE) price index increased 1.5 percent, compared with an increase of 2.5 percent. Excluding food and energy prices, the PCE price index increased 2.2 percent, compared with an increase of 2.8 percent.
Personal Income
Current-dollar personal income increased $221.3 billion in the third quarter, compared with an increase of $315.7 billion in the second quarter. The increase primarily reflected an increase in compensation (table 8).
Disposable personal income increased $166.0 billion, or 3.1 percent, in the third quarter, compared with an increase of $260.4 billion, or 5.0 percent, in the second quarter. Real disposable personal income increased 1.6 percent, compared with an increase of 2.4 percent.
Personal saving was $1.04 trillion in the third quarter, compared with $1.13 trillion in the second quarter. The personal saving rate—personal saving as a percentage of disposable personal income—was 4.8 percent in the third quarter, compared with 5.2 percent in the second quarter.
Source Data for the Advance Estimate
The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency. Information on the source data and key assumptions used in the advance estimate is provided in a Technical Note and a detailed “Key Source Data and Assumptions” file posted with the release. The “second” estimate for the third quarter, based on more complete data, will be released on November 27, 2024. For information on updates to GDP, refer to the “Additional Information” section that follows.
BEA.gov said (10/30/2024).
From the White House…
10/30/2024:
Statement from President Joe Biden on Third Quarter 2024 GDP
Today’s GDP report shows how far we’ve come since I took office—from the worst economic crisis since the Great Depression to the strongest economy in the world. Since I took office, the economy has grown 12.6%, we’ve had the lowest average unemployment in 50 years, 16 million jobs have been created, and incomes have risen $4,000 more than inflation. While critics thought we’d need a recession to lower inflation, instead we’ve grown around 3% a year on average, while inflation has fallen to the level right before the pandemic.
We need to keep building on this progress. Instead, Congressional Republicans are proposing across-the-board tariffs that would cost families nearly $4,000 a year, reignite inflation, and kill hundreds of thousands of jobs. The Vice President and I are fighting to lower costs on everyday goods—from housing and groceries to health care and child care—while Republicans fight for more tax breaks for the wealthy and large corporations. The best way to grow the economy is from the middle out and the bottom up, not the top down.
Statement from President Joe Biden on Third Quarter 2024 GDP. 10/30/2024.
Critics thought we’d need a recession to lower inflation.
— President Biden (@POTUS) October 30, 2024
Instead, we’ve grown around 3% a year on average, while inflation has fallen to the level right before the pandemic.
Hispanic Association of Colleges and Universities Tweet
From Wednesday…
Over half of all Hispanic and Latino students attend a Hispanic-Serving Institution.
— President Biden (@POTUS) October 30, 2024
Today, I was joined by the Hispanic Association of Colleges and Universities; Unidos; @SecCardona; and students to celebrate the first-ever commission and President’s Advisory Board for HSIs. pic.twitter.com/pjQcIceSHE
From the White House…
10/30/2024:
Today, President Biden will ceremonially sign Executive Order (EO) 14124, establishing the White House Initiative on Advancing Educational Equity, Excellence, and Economic Opportunity Through Hispanic-Serving Institutions (HSIs), alongside nearly two dozen champions for these institutions and Latino communities. President Biden and Vice President Harris will also announce nearly $19 million in transformational investments for five HSIs in Florida, Illinois, Texas, and Puerto Rico to build research infrastructure. These efforts build on the Administration’s historic investment of over $16 billion in more than 500 HSIs across 30 states, the District of Columbia, and Puerto Rico that educate more than 4.7 million students annually.
Over the past three years, President Biden and Vice President Harris have taken historic actions to expand opportunity for Latino families and communities, including: creating more than 15 million jobs – with 5 million created for Latinos, helping Latino entrepreneurs start new businesses at the fastest rate in over 10 years, addressing our broken immigration system, and working to ensure equitable educational opportunity for students.
Today, the Biden-Harris Administration is announcing new actions to advance educational opportunities for students at HSIs and giving them a fair shot at achieving the American dream.
Advancing Educational Equity, Excellence, and Economic Opportunity through HSIs
With student enrollment that is at least one-quarter Latino, HSIs are engines of economic mobility, propelling high numbers of students from low-income backgrounds and first-generation college students into good jobs and brighter futures. Today, President Biden will ceremonially sign EO 14124 to strengthen the Federal Government’s commitment to advancing opportunity for HSIs and the students they serve.
The EO creates a new Initiative and first-ever President’s Board of Advisors on HSIs to:
FACT SHEET: President Biden and Vice President Harris Announce New Actions and Investments to Advance Educational and Economic Opportunity for Latino Communities Across the Country. 10/30/2024.
- Increase awareness of opportunities for HSIs to equally participate in Federal programs and enhance the capacity of HSIs to meet the educational needs of their students.
- Identify best practices for HSIs to scale effective strategies, programs, and initiatives to support the educational success and economic mobility of their students.
- Improve the ability of HSIs to align program offerings with the economic needs of the Nation and their local economies, especially in Science, Technology, Engineering, Math, and teaching.
- Coordinate efforts to help HSIs become or remain fiscally secure institutions.
- Foster cross-sector collaboration among HSIs and philanthropic, public, and private sector organizations.
- Strengthen Federal recruitment activities at HSIs to build accessible and equal pathways into Federal career opportunities for HSI students, faculty, staff, and alumni.
- Provide tools, data, and analytics to support HSIs in improving educational equity, excellence, and economic opportunity for students.
Investing Additional $19 Million in Research Infrastructure at HSIs
To remain the most competitive economy in the world, the Nation’s most inclusive institutions of higher education must continue to lead in research and development. Yet too many HSIs report having unmet infrastructure needs that hold back their ability to engage in research that will propel forward these institutions, their students, and the nation as a whole.
To help address these needs, the Biden-Harris Administration established the Department of Education’s Research and Development Infrastructure Program (RDI) for the colleges and universities that play a central role in educating students from diverse backgrounds. The program provides funds to Historically Black Colleges and Universities (HBCUs), Tribally Controlled Colleges and Universities (TCCUs), and Minority Serving Institutions (MSIs)—including HSIs— to implement transformational investments in research infrastructure, including research productivity, faculty expertise, graduate programs, physical infrastructure, human capital development, and partnerships leading to increases in external funding.
Today, the Biden-Harris Administration announced nearly $19 million in new grants to five HSIs to build their research and physical infrastructure including—
FACT SHEET: President Biden and Vice President Harris Announce New Actions and Investments to Advance Educational and Economic Opportunity for Latino Communities Across the Country. 10/30/2024.
- Florida Atlantic University in Boca Raton, Florida received $1.1 million.
- National Louis University in Chicago, Illinois received $3 million.
- Sam Houston State University in Houston, Texas received $5 million.
- Texas A&M University Corpus Christi in Corpus Christi, Texas received $4.7 million.
- University of Puerto Rico on the Rio Piedras Campus received $5 million.
The $19 million in grants to HSIs was a part of $49 million in RDI grants to 13 HBCUs, TCCUs, and MSIs.
Building on Historic Investments in HSIs
Today’s announcements build on President Biden and Vice President Harris’ historic investments of over $16 billion in direct funding to HSIs, including through COVID relief funds and the Department of Education’s federal grant program funds.
FACT SHEET: President Biden and Vice President Harris Announce New Actions and Investments to Advance Educational and Economic Opportunity for Latino Communities Across the Country. 10/30/2024.
Investing in America Tweet
From Wednesday…
“Baltimore Strong” is all about pride.
— President Biden (@POTUS) October 30, 2024
I know that because generations of Bidens lived here. My own dad was born here.
He always told me the true measure of a person isn’t how often you get knocked down – it’s how fast you get back up.
That’s Baltimore.
That’s America. pic.twitter.com/r4NwKW5z0z
From the White House…
10/29/2024:
- Remarks haven’t been posted; the YouTube is 55 minutes and 42 seconds long.
President Christodoulides, Welcome to the White House Tweet
From Wednesday…
President Christodoulides, it was a pleasure welcoming you to the White House following the launch of the U.S.-Republic of Cyprus Strategic Dialogue.
— President Biden (@POTUS) October 30, 2024
May we continue to strengthen our collaboration on energy diversification, regional security, and support to Ukraine. pic.twitter.com/UR55HskTTf
From the White House…
10/30/2024:
President Joseph R. Biden, Jr. met today with President Nikos Christodoulides of the Republic of Cyprus at the White House. Following the inaugural launch of the U.S.-Republic of Cyprus Strategic Dialogue earlier this month, the leaders had an in-depth discussion on a range of foreign policy issues of mutual interest including energy diversification, regional security, and support to Ukraine. President Biden expressed his gratitude for the Republic of Cyprus’s support for the maritime humanitarian corridor that delivered more than 8,000 metric tons of humanitarian assistance to Gaza. Acknowledging the 50th anniversary of the division of the island of Cyprus, President Biden reiterated his support for a bi-zonal, bi-communal federation with political equality for all Cypriots consistent with United Nations Security Council Resolutions.
Readout of President Joe Biden’s Meeting with President Nikos Christodoulides of the Republic of Cyprus. 10/30/2024.
Halloween Tweet
From Wednesday…
Tune in as the First Lady and I host local area students and military-connected children for trick-or-treating at the White House. https://t.co/YXGzUPsRl2
— President Biden (@POTUS) October 30, 2024
The YouTube is 1 hour and 12 seconds long.
From the White House…
10/30/2024:
The President and First Lady Welcome Trick-or-Treaters to the White House for “Hallo-READ!”
The First Lady’s theme, “Hallo-READ!,” highlights the spooktacular thrill of reading
On Wednesday, October 30th, the President and First Lady are hosting a Halloween event that will welcome local students and military-connected children to the White House for trick-or-treating. A teacher for 40 years, including years spent as a reading specialist, First Lady Jill Biden created this year’s theme, “Hallo-READ!,” with the White House’s festive décor featuring famous literary tales and spooky story time. Dr. Biden’s theme encourages families and children to once again grab a flashlight, pick out their favorite Halloween book, and relish in the spooktacular thrill of reading together.
Children will trick-or-treat along the South Lawn of the White House up to the South Portico to receive both candy and books from the President and First Lady, as well as other White House friends and neighbors, including representatives from: Department of Agriculture, Department of Education, Department of Energy, Department of Homeland Security, Department of Housing and Urban Development, Department of the Interior, Department of State, Department of the Treasury, Department of Veterans Affairs, National Aeronautics and Space Administration (NASA), National Endowment for the Humanities, National Oceanic and Atmospheric Administration (NOAA), John F. Kennedy Center for the Performing Arts, Library of Congress, National Archives, Smithsonian, Executive Office of the President, the White House Medical Unit, and the White House Military Office.
Approximately 8,000 guests will participate in this year’s Halloween event at the White House, with each family receiving candy treats provided by the National Confectioners Association and its member companies. Instacart is providing overall support for the Halloween celebration, in addition to supplying Halloween tote bags and treats to each child. The company will also distribute bookmarks with healthy eating tips in coordination with DC Central Kitchen.
In a nod to this year’s “Hallo-READ!” theme, each family will also receive donated books from Scholastic to read and enjoy. Costumed characters will stroll the South Lawn for the Halloween festivities, including Corduroy, Peter Rabbit, Madeline, Barney, Disney friends Stitch and Angel, Darth Vader and his Stormtroopers, and others.
The White House will be decorated with autumnal foliage, with pumpkins and mums provided by the International Fresh Produce Association (IFPA), jack-o-lanterns, stacks of books, and multi-dimensional displays of literary tales. The IFPA will be providing apples and baby carrots to trick-or-treaters as well. Lawn games and a spooky story time corner will be a part of the Halloween festivities again this year, featuring special guests reading their favorite books of the season to children and families, as well as live pumpkin carving demonstrations by Pumpkin Sculptor Deane Arnold. Readers will include First Lady Jill Biden, the Librarian of Congress Dr. Carla Hayden, Hocus Pocus actress Kathy Najimy, White House Press Secretary Karine Jean Pierre, plus authors and illustrators Jane O’Connor, Robin Preiss Glasser, Pete Oswald, Katie Messner, Dan Santat, Tracey Baptiste, Ana Aranda, Hanh Bui, and others!
The President and First Lady Welcome Trick-or-Treaters to the White House for “Hallo-READ!”. 10/30/2024.
— The White House (@WhiteHouse) October 31, 2024
I used the YouTube to grab some photos of the event last night…
I spent a good 5 minutes looking for the First Lady…
I discovered the First Lady was the Panda!
I have to give her kudos for lasting 43 minutes in the Panda Head; those things are like wearing fire…
Diwali Tweet
From Thursday…
This Diwali, may we show the power in the gathering of light.
— President Biden (@POTUS) October 31, 2024
The light of knowledge, of unity, of truth.
The light for freedom, for democracy, for an America where anything is possible. pic.twitter.com/mA0thdoEGs
Remarks by President Biden at a Reception in Celebration of Diwali; the YouTube 21 minutes and 57 second long.
Together, we may show the power in the gathering of light — the light of knowledge; the light of unity and truth; the light of freedom of — for democracy, for America — America we share and cherish. Only in America is everything possible.
Remarks by President Biden at a Reception in Celebration of Diwali; the YouTube 21 minutes and 57 second long. 10/28/2024.
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