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Morgan Stanley finally gets behind Bidenomics [1]

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Date: 2023-07-25  

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Or as I heard it put on Deadline White House today — ‘Morgan Stanley admits they were wrong’ about President Biden’s economic policies. After previously criticizing Biden’s plan, they have now changed their outlook on Bidenomics — because in actual fact the Biden Jobs Act is working.

And it is putting people back to work … at good paying jobs.

Morgan Stanley credits Bidenomics for ‘much stronger’ than expected GDP growth



by Christina Wilkie, cnbc.com -- Updated Jul 24 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.



Morgan Stanley commends 'Bidenomics' as Biden continues efforts to sell the public on it



by Maddie Gannon, Spectrum News NY1 -- Updated Jul 25 2023

[...]

The acclaim for Biden’s economic plan came with Morgan Stanley’s announcement that it expected to boost its growth forecast for the year. The major investment bank and financial services company now projects 1.9% gross domestic product growth in the first half of this year as opposed to the previous estimate of 0.5%. Reuters reported Morgan Stanley expects GDP will rise 1.3% on average in 2023. In a research note released last week, CNBC reported Morgan Stanley’s chief U.S. economist Ellen Zentner wrote the Infrastructure Investment and Jobs Act – legislation Biden signed in Nov. 2021 that was a major piece of his agenda – is creating a “boom” in infrastructure and strengthening manufacturing construction.

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The Biden Infrastructure and Jobs Act is working so well, that many GOP politicians are taking credit for it back home, with their Voters — even though they themselves voted against the Act.

Dems should point out this hypocrisy, every chance we get, and take credit for economic recovery that the Biden Administration has ushered in. Most Republicans have tried to stop this progress, at every step of the way. Don’t let them take the credit for our hard work — to "build an economy from the bottom up and the middle out, not from the top down."

— Joe Biden's Economic Plan Is Winning Over Americans

The FDR New Deal is still a work in progress, and only the Democratic Party will deliver on it. Don’t let the locals ever forget it. Their Votes are depending on it.

Take it from MTG:

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[1] Url: https://www.dailykos.com/stories/2023/7/25/2183376/-Morgan-Stanley-finally-gets-behind-Bidenomics

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