(C) Daily Kos This story was originally published by Daily Kos and is unaltered. . . . . . . . . . . Morgan Stanley credits Bidenomics for much stronger than expected GDP growth [1] ['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.'] Date: 2023-07-24 Morgan Stanley credits Bidenomics for ‘much stronger’ than expected GDP growth. It wasn't that long ago that Republicans were hoping and praying for a slowdown of the American economy that would lead to a worldwide recession. Prices were rising in the US at the fastest rate in four decades. The Fed raised interest rates. And new data showed the American economy shrank for a second consecutive quarter, handing Republicans a potent line of attack just months before the midterm elections. “Biden and Democrats are responsible for our shrinking economy, and they’re only trying to make it worse,” said Ronna McDaniel, chairwoman of the Republican National Committee. Blaming Biden for causing inflation was a favorite strategy of the political right. “Biden’s Inflation Quickly Making Americans Poorer,” a headline on the Heritage Foundation’s Web site last fall read. In January, the newly appointed Republican House Ways and Means Committee chair Jason Smith, of Missouri, released a statement titled, “Congress Must Confront Joe Biden’s Inflation Mess.” Biden defended his administration’s actions, arguing that the economic stimulus plan was “the reason why we still had teachers in school, kids going to school, the reason why we had cops on the beat, the reason we had essential workers,” during the depths of the pandemic. But he admitted that the “vast majority of Americans have no idea what the recovery plan did”. Nearly every advanced economy experienced higher inflation than it did prior to the pandemic, irrespective of the political leanings of the party in power. The United Kingdom, for instance, struggled with higher price increases than in the U.S. while under the leadership of a conservative government; in Australia, prices of many goods rose, and a conservative government was recently voted out in favor of a more liberal one. In general, the twenty largest economies in the world experienced consumer prices between November 2021, and November 2022. The United States was far from being alone. Morgan Stanley credited 'Bidenomicsfor ‘much stronger’ than expected GDP growth. President Joe Biden’s economic policies drove an unexpected economic surge that has forced Morgan Stanley to make a “sizable upward revision” in its GDP forecasts. Biden’s 2021 infrastructure bill has created “a boom in large-scale infrastructure,” wrote MS analysts, while domestic business investment “is rebounding, led by manufacturing.” As a result of these unexpected swells, Morgan Stanley now projected 1.9% GDP growth for the first half of this year, 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. So the moral of this story is that complaining and whining about a problem never solves it. Addressing the problem in a fashion that works for the nation and its people seems to work each and every time. There is a reason many feel that Democrats always find themselves cleaning up the mess left behind by previous administrations. Former Presidents Clinton, Obama, and now Biden are proof of those feelings. There still will be those with their heads buried in the sand with blinders on that will say that the sky is falling as they continue to cry wolf. However, if they are really honest with themselves they have to admire the record low unemployment, massive amounts of infrastructure work taking place across the country, and the incredible rebound from the dark days of the mismanaged Coronavirus. Each holiday is now a record-breaking day for airline flights. The stock market is stable and rising. Just this weekend, two movies, ‘Barbie’ opened to a record-setting $155 million dollars and ‘Oppenheimer’ shattered expectations with a $80 million dollar debut, fueling the fourth-biggest box office weekend in history. I know for many that the struggle is still very real. Even I spent 30 minutes shopping at Dollar Tree today. I also know that enjoying a T-Bone steak is probably the exception rather than the rule at this time. But I am not going to jump off of a bridge due to the 2023 economic climate. I knew there would be light at the end of the tunnel and I was right. [END] --- [1] Url: https://www.dailykos.com/stories/2023/7/24/2183204/-Morgan-Stanley-credits-Bidenomics-for-much-stronger-than-expected-GDP-growth Published and (C) by Daily Kos Content appears here under this condition or license: Site content may be used for any purpose without permission unless otherwise specified. via Magical.Fish Gopher News Feeds: gopher://magical.fish/1/feeds/news/dailykos/