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 unexp
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.
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.
Not the commenter you’re replying to, but I think they were addressing “…fairly attribute or blame Biden for the economy” with the added context to assert that it is possible to fairly attribute the economy to the administration’s policy.
Or, and hear me out, I am misunderstanding what they said, and they also misinterpreted what you said, since that last sentence seems like they didn’t see the “fairly attribute” part and just addressed the “blame” part of your response
Those inflation numbers have been insane. I honestly did not believe the could gracefully recover. I am still shocked by this. I also think we can absolutely attribute measure taken by this administration to have directly had impact on the success of the economy today. Even if those step are not just “don’t be utterly incompetent” they have had an undeniably positive impact.