“Green” President Biden recently flew in to New Mexico on the gas guzzling, CO2 emitting Air Force 1 causing chaos on the local roads due to his (also gas guzzling) motorcade.
Touting the benefits of subsidized, mandated, and ultimately ineffective wind turbines which truly are an excellent of “Bidenomics,” the reality is that Biden’s policies have been a failure. As the House Budget Committee points out:
- Real wages are down over 5 percent since President Biden entered the Oval Office.
- Since President Biden took office, the average worker has lost over $4,900 in real wages.
- While inflation rates have come down prices are up 15.5 percent under Biden.
“the reality is that Biden’s policies have been a failure”
Really? Well, not ALL of the Capitalists agree with
you.
WASHINGTON: Jul 21, 2023 — Morgan Stanley is crediting President Joe Biden’s economic policies with driving an unexpected surge in the U.S. economy that is so significant that the bank was forced to make a “sizable upward revision” to its estimates for U.S. gross domestic product.
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%.
“The economy in the first half of the year is growing much stronger than we had anticipated, putting a more comfortable cushion under our long-held soft landing view,” Zentner wrote.
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%.
“The narrative behind the numbers tells the story of industrial strength in the U.S,” Zentner wrote.
Morgan Stanley’s revision came at a pivotal time for the Biden White House. The president has spent the summer crisscrossing the country, touting his economic achievements.
https://www.cnbc.com/2023/07/21/bidenomics-spurred-stronger-gdp-growth-morgan-stanley.html
Hey Francis…have you bought anything lately? Just asking.
Richard, Yes I have, and probably like you I wish things were cheaper. Unfortunately, I doubt they will be anytime soon. As a nation we are still reeling from the worldwide post Covid supply chain debacle. The Russian invasion of Ukraine has put the global energy market into a cycle of volatility – that will continue indefinitely – (regardless of how much oil production increases or decreases in the U.S.) Worldwide energy volatility = worldwide inflation.
If it’s any consolation the US economic recovery is considered THE STRONGEST among the G7 countries and arguably it currently has the lowest inflation rate.
That said, I know Biden’s economic plans are no guarantee of prosperity; frankly I wish some other Political Party would put forth a more optimistic plan; but … they have not.
Promising to reduce corporate taxes every election cycle , deregulating inherently dangerous industries to enhance profitability , funding private schools to the inevitable detriment of public education, allowing our street roads and bridges to rot, subsiding fossil fuel industries that will go the way of the horse and buggy before our grandchildren are our age , allowing Big Pharma a worldwide monopoly on prescription drugs, terrorizing the LGBTQ+ community and taking away the right of half the population to make their own health care decisions is not a plan.
At the risk of sounding snarky, which is not my intention – I believe the Republican party has not been able to put forward a comprehensive economic plan simply because X President Trump has not told them what it will be yet.
Richard, sorry I was so long winded, and I apologize if it was a bit too snarky.
Respectfully
FCH