Morgan Stanley hikes first-half GDP growth est. to 1.9%, credits Bidenomics
“The U.S. economy is enjoying ‘a boom in large-scale infrastructure [and] rebounding domestic business investment led by manufacturing.’”President Joe Biden’s Infrastructure Investment and Jobs Act has seeped into the domestic economy, “driving a boom in large-scale infrastructure,” wrote Ellen Zentner, chief U.S. economist for Morgan Stanley, in a research note out late this week. Plus, she wrote, “manufacturing construction has shown broad strength.
Infrastructure spending signed into law in 2021 marked an early legislative win for a president handed only a slim majority in Congress. It was followed up by another legislative banner for the incumbent: the Inflation Reduction Act, a climate change and healthcare-focused spending bill signed into law about a year ago. Much of the incentives in the laws are tied to domestic manufacturing and require U.S. hiring, sometimes at the expense of less-expensive or readily available goods from abroad.
The White House has run with the theme of U.S. brick-and-mortar economic growth in recent weeks, increasingly leveraged by the president and his acolytes as “Bidenomics.” It’s a phrase originally used by Republicans to take a shot at the president, who has been saddled with high inflation and rising interest rates in his first term.For now, the Biden team co-opted the term as a badge of honor as Biden has tried to tap into economic performance during recent road appearances.
A Monmouth University poll released Wednesday showed only three in 10 Americans feel the country is doing a better job recovering economically than the rest of the world since the COVID-19 pandemic. Respondents were split on Biden’s handling of jobs and unemployment, with 47% approving and 48% disapproving of his performance.
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