California MP Mike Garcia criticizes President Biden’s handling of the economy and Chinese competition.
Morgan Stanley reportedly upgraded its economic growth forecast this week, citing a “big infrastructure boom” fueled by President Biden’s infrastructure bill.
“The economy is growing much faster than we expected in the first half of the year, providing a more comfortable cushion for our long-held view of a soft landing,” said Ellen Zentner, Morgan Stanley’s chief U.S. economist, in a note on Thursday, MarketWatch reported.
She added that “the manufacturing industry has demonstrated broad strength.”
As a result, Morgan Stanley has “substantially revised upwards” its economic forecast, forecasting GDP growth of 1.3% in the fourth quarter, instead of the original forecast of 0.6% and 1.9% growth for the first half, up from 0.5%, according to CNBC.
Investors are still bearish on the US economy amid fears of a slowdown
The White House has begun referring to President Biden’s economic policies as “bidenomics,” a term first used by Republicans. (Spencer Platt/Getty Images / Getty Images)
“The narrative behind the numbers tells the story of industrial strength in the US,” she wrote.
The bipartisan infrastructure investment and employment law was signed in late 2021 and the Inflation Reduction Act went into effect last August.
Still, Biden’s poll numbers remain underwater amid a presidency plagued by high inflation in the wake of the coronavirus pandemic.
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The President has recently touted his economic and infrastructural achievements, referring to his policies as “bidenomics,” which was initially used derisively by Republicans.
“While our work is ongoing, Bidenomics is already making a difference for the American people,” the White House said in a statement late last month. “Our economy has created more than 13 million jobs — including nearly 800,000 jobs in manufacturing — and we’ve sparked a boom in manufacturing and clean energy.”
However, the Republicans continue to put pressure on the economy for the President.
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“Bidenomics is about blind faith in government spending and regulation,” House Speaker Kevin McCarthy said Friday, according to CNBC. “It’s an economic catastrophe, with the government creating decades of inflation, high gas prices, lower paychecks and a crippling uncertainty that makes America worse off.”
Biden visited Philadelphia on Thursday to talk about his business successes, but workers there said it’s still not working for them.
“We’re still fighting. We could be better,” a man named Donny told Fox News. “The wages could be better.”
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Another man named Joe said: “I work as much as I can to make ends meet. I make a little more money, but I also pay more for everything. So nothing has really changed.”
Speaking at a Philadelphia shipyard Thursday, Biden said, “I’m not here to announce victory; we still have a long way to go economically. But I’m here to say that we have more work to do. We have a plan that will turn things around pretty quickly.”
Fox Business has reached out to Morgan Stanley for comment.