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Morgan Stanley credits President Joe Biden's economic policies for a surprising surge in the U.S. economy, leading the bank to significantly revise its estimates for U.S. gross domestic product (GDP). According to Ellen Zentner, chief U.S. economist for Morgan Stanley, Biden's Infrastructure Investment and Jobs Act has triggered a boom in large-scale infrastructure and robust strength in manufacturing construction.
As a result of these unforeseen developments, Morgan Stanley now projects a 1.9% GDP growth for the first half of the year, nearly four times higher than their previous forecast of 0.5%. Zentner stated that the stronger-than-anticipated growth is reinforcing their long-held belief in a soft landing for the economy.
The analysts have also doubled their original estimate for GDP growth in the fourth quarter, raising it to 1.3% from 0.6%. Looking ahead to next year, they increased their forecast for real GDP in 2024 by a tenth of a percent, to 1.4%.
The revised outlook comes at a crucial time for the Biden White House, as the president has been promoting his economic achievements throughout the summer. The White House has embraced the term "Bidenomics," originally used as a criticism by Republicans, as a badge of honor.
Despite the positive economic indicators, Biden faces challenges regarding public perception of his handling of the economy. A recent CNBC All-America Economic Survey revealed that only 37% of respondents approved of his economic performance, while 58% disapproved. Many Americans expressed economic pessimism, with 79% stating that the economy was only fair or poor.
Republicans have used this sentiment to criticize Biden's approach, blaming government spending and regulation for inflation and other economic challenges. Nevertheless, Biden's political prospects appear to be improving alongside the economy.
White House assistant press secretary Mike Kikukawa asserted that the strong and resilient economy is evidence of Bidenomics in action, with the president's economic agenda supporting manufacturing and infrastructure investments that create jobs and support workers.
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