Bidenomics Unveils Infrastructure Explosion That Nearly Doubles Projected GDP
GDP was projected to grow by 0.5% for the first half of the year, but that estimate has since been revised to 1.9% due to the infrastructure boom created by President Biden’s policies.
The Biden Infrastructure Investment and Jobs Act “is driving a large-scale infrastructure boom,” wrote Ellen Zentner, chief US economist for Morgan Stanley, in a research note released Thursday. Beyond infrastructure, “manufacturing construction has shown broad strengths,” he wrote.
As a result of this unexpected surge, Morgan Stanley is now projecting GDP growth of 1.9% for the first half of the year. That’s almost four times higher than the bank’s previous estimate of 0.5%.
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Analysts also doubled their initial estimate for GDP growth in the fourth quarter, to 1.3% from 0.6%. Looking to next year, they raised their forecast for real GDP in 2024 by a tenth of a percent, to 1.4%.
President Biden likes to say that Bidenomoics works because it does. The country is recovering from the pandemic and the failed policies of Donald Trump. It’s a forgotten fact, but Trump’s tax cuts for the rich’s failed trade war with China put the country on a recession path in 2020 before COVID arrived.
Biden saved the economy, not only from the pandemic, but from Donald Trump’s failed economic policies.
Economic data in 2019 showed signs of a looming Trump recession.
Trump’s economy is running on the steam of Obama’s recovery. Economic activity under Trump peaked in February 2019. Economists argue that the United States was already in a recession before the COVID lockdown.
President Biden is not benefiting from the resurgence of COVID. He has implemented policies that have allowed the economy to reverse course from Trump.
Biden is proving what research has long shown. Trickle-down economics doesn’t work, and the real way to build a thriving economy is from the middle out, not the top down.
Jason is the managing editor. He is also the White House Press Pool and Congressional correspondent for PoliticusUSA. Jason has a Bachelor of Political Science degree. His postgraduate work focuses on public policy, with a specialization in social reform movements.
Professional Awards and Memberships
Member of the Society of Professional Journalists and The American Political Science Association
