Last updated on July 24th, 2023 at 01:13 pm
GDP was projected to grow at 0.5% for the first half of the year, but the estimate has been revised to 1.9% due to the infrastructure boom created by President Biden’s policies.
Biden’s Infrastructure Investment and Jobs Act is “driving a boom in large-scale infrastructure,” wrote Ellen Zentner, chief U.S. economist for Morgan Stanley, in a research note released Thursday. In addition to infrastructure, “manufacturing construction has shown broad strength,” she wrote.
As a result of these unexpected swells, Morgan Stanley now projects 1.9% GDP growth for the first half of this year. That’s nearly four times higher than the bank’s previous forecast of 0.5%.
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The analysts also doubled their original estimate for GDP growth in the fourth quarter, to 1.3% from 0.6%. Looking into next year, they raised their forecast for real GDP in 2024 by a tenth of a percent, to 1.4%.
President Biden likes to say that Bidenomoics is working because it is. The country is on a strong bounceback from the pandemic and Donald Trump’s failed policies. It is a forgotten fact, but Trump’s tax cuts for the rich and failed trade war with China had the country on track for a recession in 2020 before COVID ever arrived.
Biden rescued the economy, not just from a pandemic, but also from Donald Trump’s failed economic policies.
Economic data in 2019 was showing signs of a looming Trump recession.
Trump’s economy was running on the fumes of the Obama recovery. Economic activity under Trump peaked in February 2019. Economists argue that the United States was already in a recession before the COVID lockdowns.
President Biden isn’t benefiting from a COVID bounceback. He has put policies in place that have allowed the economy to reverse course from Trump.
Biden is proving what research has long shown. Trickle-down economics doesn’t work, and the real way to build a thriving economy is from the middle out, not the top down.
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Member of the Society of Professional Journalists and The American Political Science Association
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