• FireTower@lemmy.world
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    1 year ago

    "Morgan Stanley is crediting President 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, CNBC reports.

    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%."

    This is the whole article for anyone to lazy to click the link.

    The average annual GDP growth is typically 2-3%. '21 was -2.77% & '22 was +5.95%. IMO the impact of COVID’s coming and going probably has had more economic impact than any presidential action did. I don’t see how we can fairly attribute or blame Biden for the economy in light of that.

    • Arotrios@kbin.social
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      1 year ago

      I gotta disagree with you a bit here, and I’m gonna add some context as the article is garbage (probably intentionally given WSJ’s known politics).

      Biden kept the economic impact of student loans from hitting us during the COVID recovery period. He also advanced the Infrastructure Bill in 2021, which is a huge investment in both jobs and local construction efforts, and which we’re now beginning to see the impact of.

      Here in California, Jerry Brown championed a similar infrastructure effort in California, and it paid off tremendously for us - $6.5 billion budget surplus by the end of his 2nd term.

      Secondly, another piece of landmark Biden legislation, the Inflation Act, passed last August, is beginning to have an impact - we’ve watched month to month inflation crater in the last few months from the highs of near 7-8% we had during the winter.

      In summation, in my view Biden reversed and corrected the path laid out under Trump’s GOP, including averting a trade war with China in the middle of a pandemic. He also managed to completely destabilize a major geopolitical threat (Russia) with minimal impact to our economy despite their control (or threatened control of) of a significant portion of the world’s oil and grain supply.

      Getting up to 4x the expected GDP at 2.9% is a triumph given the last couple of years. This is what a recovery looks like. If you’re gonna blame Biden for the economy, you gotta give him credit too.

      • FireTower@lemmy.world
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        1 year ago

        I think you misunderstood my point, I wasn’t say Biden has done good or bad. I’m unsure of where you got the idea that I was blaming Biden for the economy in my previous comment. My point was that we would expect to see a positive impact to the economy with COVID waning and because we can’t see into the alternative reality where he did nothing we can’t be sure that it was his actions that resulted in the outcome we see.

    • Shikadi@lemmy.sdf.org
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      1 year ago

      Holy shit, rich people might actually be realizing the economy depends on the rest of the people in the country?? I thought the day would never come

      • FireTower@lemmy.world
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        1 year ago

        That last paragraph was me editorializing not the article. The actual article is only the first two paragraphs. Yes the article is only two paragraphs. Sorry I got your hopes up.