Former Obama adviser and CNN political analyst David Axelrod lambasted President Biden's defiant stance on the economy Wednesday, calling it a "terrible mistake" so much so that it could result in his defeat in the upcoming election. 

"I don't understand this," the famed Democratic strategist reacted. "I don't understand all these months later, you know, I thought they spent $25 million mistakenly last fall touting Bidenomics and making the same argument that the president is making here." 

Senior Democratic strategist David Axelrod hit President Biden over his economic messaging Wednesday following a campaign event in Milwaukee, saying the president’s “pride” could be his undoing in November.

Biden has consistently framed struggles with the economy in the past tense, and treated the issue as already won. Most Americans disagree, with polls showing most trusting former President Trump on the economy more.

Barack Obama campaign strategist-turned-CNN commentator David Axelrod suggested President Joe Biden’s pride may see him lose the 2024 election to former president and presumptive GOP nominee Donald Trump.

Axelrod’s warning came Wednesday during a panel discussion on Biden’s bold claim, in an earlier interview with “OutFront” anchor Erin Burnett, that his administration had “already turned” the U.S. economy around. Burnett, though, had noted “real income when you account for inflation is actually down” since 2021.

The US economy cooled more than expected in the first quarter of the year, but remained healthy by historical standards. Economic growth has slowed steadily over the past 12 months, which bodes well for lower interest rates, but the Federal Reserve has made it clear it’s in no rush to cut rates.

The U.S. economy grew at a slower pace than expected at the beginning of 2024 as consumers pulled back on spending in the face of higher inflation. 

Gross domestic product, the broadest measure of goods and services produced across the economy, grew by 1.6% on an annualized basis in the three-month period from January through March, the Commerce Department said in its first reading of the data on Thursday. 

U.S. economic growth was much weaker than expected to start the year, and prices rose at a faster pace, the Commerce Department reported Thursday.

Gross domestic product, a broad measure of goods and services produced in the January-through-March period, increased at a 1.6% annualized pace when adjusted for seasonality and inflation, according to the department’s Bureau of Economic Analysis.

Economists surveyed by Dow Jones had been looking for an increase of 2.4% following a 3.4% gain in the fourth quarter of 2023 and 4.9% in the previous period.

The International Monetary Fund on Tuesday modestly upgraded its outlook for the world economy, but warned of ongoing risks including persistent inflation and geopolitical turmoil. 

The Washington-based institution said in its latest World Economic Outlook that global gross domestic product will grow by 3.2% this year – which represents a 0.1 percentage point bump from its January forecast – and expand at that same pace in 2025.

The International Monetary Fund on Tuesday slightly raised its global growth forecast, saying the economy had proven “surprisingly resilient” despite inflationary pressures and monetary policy shifts.

The IMF now expects global growth of 3.2% in 2024, up by a modest 0.1 percentage point from its earlier January forecast, and in line with the growth projection for 2023. Growth is then expected to expand at the same pace of 3.2% in 2025.

The International Monetary Fund inched up its expectations for global economic growth this year, citing strength in the US and some emerging markets, while warning the outlook remains cautious amid persistent inflation and geopolitical risks.

Global economic activity will expand 3.2% this year, it said Tuesday in its World Economic Outlook, up 0.1 percentage point from its January estimate. The forecast for 2025 was unchanged at 3.2%.

America seemed headed for an economic fairy-tale ending in late 2023. The painfully rapid inflation that had kicked off in 2021 appeared to be cooling in earnest, and economic growth had begun to gradually moderate after a series of Federal Reserve interest rate increases.

But 2024 has brought a spate of surprises: The economy is expanding rapidly, job gains are unexpectedly strong and progress on inflation shows signs of stalling. That could add up to a very different conclusion.