By Christian Manuel Briceno
Jul 23, 2023, 21:15 PM EDT
The multinational finance firm Morgan Stanley, one of the largest companies in the United States, recently adjusted its calculations about the growth of the gross domestic product for this year in the US. The reason? The economic policies implemented by the government of President Joe Biden, called “Bidenomics” by the White House. This was reported by the CNBC news portal.
Ellen Zentner, chief economist at Morgan Stanley, published a research note in which she asserted that Joe Biden’s Infrastructure Investment and Jobs Act is leading “to large-scale infrastructure growth” and that construction and manufacturing are getting stronger.
These results, reported CNBC, made Morgan Stanley project the growth of the gross domestic product from 0.5% to 1.9% for the first half of the year, an increase of 1.4%.
Zentner indicated that “the economy in the first half of the year is growing much more, becoming much stronger than we anticipated.” This, according to the Morgan Stanley chief economist, increases the chances that the US economy will “land softly”.
“The narrative behind these numbers tells the story of industrial strength in the United States,” Zentner said, according to CNBC.
Biden’s policy, which as we have said was called “Bidenomics” (an epithet initially used by Republicans that was later adopted by the Biden administration), has been one of the great achievements of the Democratic president, who assured, at the end of June, that he was “determined to change the economic direction” of the US.
In fact, Biden has reinforced, as part of his political campaign for re-election in 2024, his intention to take credit for his manufacturing revitalization policy, by involving the government in investments in key industries in the country.
Despite this, the assessment of Biden’s economic management continues to decline.
According to a poll conducted by the Associated Press Center for Public Affairs Research, only 33% of American adults approved of Biden’s economic management.
Similarly, only 24% of American adults say the national economy is in good shape.
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