Morgan Stanley was forced to make a “significant upward revision” to its GDP forecast due to President Joe Biden’s economic policies, which resulted in an unexpected economic surge. To hear former President Donald Trump say it, we are in an apocalyptic nightmare, but it is not true. Donald is very good at gaslighting.
CNBC reports:
Biden’s Infrastructure Investment and Jobs Act “is driving a large-scale infrastructure boom,” Ellen Zentner, chief U.S. economist for Morgan Stanley, wrote in a research note released Thursday. In addition to infrastructure, “manufacturing construction has shown great strength,” she wrote.
As a result of these unexpected increases, Morgan Stanley now forecasts GDP growth of 1.9% for the first half of this year. This is nearly four times higher than the bank’s previous forecast of 0.5%.
“The economy in the first half of the year is growing much stronger than we expected, putting a more comfortable cushion under our long-held soft landing view,” Zentner wrote.
Analysts also doubled their initial estimate for GDP growth in the fourth quarter, to 1.3% from 0.6%. Looking ahead to next year, they raised their forecast for real GDP in 2024 by a tenth of a percent, to 1.4%.
“The narrative behind the numbers tells the story of industrial might in the United States,” Zentner wrote.
Trump left office with the worst employment numbers since Herbert Hoover. Sure, there was a pandemic, but maybe if the former president hadn’t danced, he would have had a healthy economy too.
#Bidenomics #cry #Morgan #Stanley
