https://politicalwire.com/2023/07/22/morgan-stanley-credits-bidenomics-for-economic-surge/
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
That is quite the praise coming from a group of hardcore republicans. The is a clear message "Biden brings stability and financial markets like stability"
Also absolutely massive subsidies are flowing out of the IRA into a lot of diverse economic sectors for the purpose of fighting climate change. Estimated $1.3 trillion since it is uncapped and built largely around unit subsidies.
That is a lot of money flowing to a lot of firms. Republicans like money going to businesses.
If that number is from the CBO it's a 10 year estimate, not as big as it sounds.
And I don't think you have to decide Morgan Stanley is Republicans and Republicans like money going to businesses...Republicans voted against the IRA so that's probably incorrect. Morgan Stanley is a business and their customers are other businesses, that's one explanation.
Or, the people working at Morgan Stanley are economists and the plan makes sense to economists so they praise it, that is another explanation.
To be expected, the GOP has gone all in on evangelism, election denial, and have shown willingness to throw their traditional business values under the bus for the sake of their lead issues. The "boring democrat" tends to business better than radicalized GQP. Notably, playing chicken with the national debt was a big no-no for business minded folks.
There may be a time when they will go back to the republican party hard, but will be waiting for the Trump/Greene/Boebert/Gaetz crazy to slip into not being influential.
Ironically, if the GOP had a wider victory in the house, I wouldn't have been surprised to see the GOP marginalize the most obviously crazy and win favor among the business community again. As it stands they are having to let the craziest faction call the shots.
The Dems sliding to the right for 30 years has finally pushed the Republican Party halfway beyond the border of crazy town. The question is, after the Dems alone are the party of business, will they slide back to the left or stay conservative? And what would that look like?
What exactly is “Bidenomics”? What are the policies he has implemented? Non American here.
The White House has an article on the subject over here: https://www.whitehouse.gov/briefing-room/statements-releases/2023/06/28/bidenomics-is-working-the-presidents-plan-grows-the-economy-from-the-middle-out-and-bottom-up-not-the-top-down/
fwiw, it is also an "attack" from Republicans who claim the economy is a disaster. The Biden admin co-opted the term - similar to what they did with the "Dark Brandon" meme.
The Democrats always claimed the economy was a disaster under Trump. This will always happen with the opposition party.
well I mean it was disastrous but I am not sure the blame lies entirely on Trump. His response to COVID could have been different thats for sure. He could of not disbanded the agencies in charge of managing and planning for such an event...It might have been better to have far more competent people in charge than say his son-in-law...Ya know it really would have been beneficial if he had not used it as an opportunity to enrich his donors...on that note it would have been nice if he had headed the simple warnings given to him by security professionals on how to implement distribution...He probably should not have given out PPP to large corporation with plenty of capital before he gave it to small businesses...man he could have done more to convince his following to get vaccinated and given a more unilateral messaging to the public in general regarding following mandates. Ya know what fuck that guy.
"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 unexpected swells, Morgan Stanley now projects 1.9% GDP growth for the first half of this year. That’s nearly four times higher than the bank’s previous forecast of 0.5%."
This is the whole article for anyone to lazy to click the link.
The average annual GDP growth is typically 2-3%. '21 was -2.77% & '22 was +5.95%. IMO the impact of COVID's coming and going probably has had more economic impact than any presidential action did. I don't see how we can fairly attribute or blame Biden for the economy in light of that.
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.
Holy shit, rich people might actually be realizing the economy depends on the rest of the people in the country?? I thought the day would never come
That last paragraph was me editorializing not the article. The actual article is only the first two paragraphs. Yes the article is only two paragraphs. Sorry I got your hopes up.
Yeah, no.
They have realized it and are pivoting society back towards chattle slavery.
I'm sad Biden is getting an economic system named after him that he doesn't have much to do with just because he's president. But hey, I'll take it. Reaganomics is awful, and at least having a name for the opposite is nice. Bernienomics doesn't have the same ring to it
It's literally defined as build out from the middle and up from the bottom, how is that the same as trickle down? Or did you miss the part where it has an actual definition?
I'm not about to argue that the implementation does enough, but you're willfully ignorant if you don't think the infrastructure bill was exactly that. Also, Republican presidents consistently implement trickle down economics, and at the very least the Biden administration for the most part doesn't.
Republicans being worse doesn't mean democrats are good. They all worship at the neoliberal altar of trickle down, even if they make minor tweaks here and there and call it [other]nomics. The infrastructure bill had some much-needed infrastructure spending, but doesn't change anything about our trickle down economic system.
That's a very binary response. I agree that they should be doing more, but I also think it's important to recognize what they are doing. Sweeping change doesn't happen over night, and so far the actions I've seen in Biden's administration lean pretty heavily away from past neoliberal trickle down. The attempted student loan forgiveness, the new head of the FTC, investment in infrastructure and jobs, Tax plans to reverse the cuts and loopholes for the rich introduced by the previous, capping capital gains tax (as in switching to income tax after a certain number is earned), a minimum income tax on people with wealth above $100 million, and much more. All of that is counter to trickle down economics, and some of it is even a reversal from Obama era decisions and Clinton era decisions. Bernie is definitely doing work in his position, a quote from a Guardian article quoting Bernie:
With a hearty laugh, Sanders, 81, recalled that, after the 2020 Democratic primary, his team and Biden’s had joined forces to produce an “agenda for working families”. They did not agree on everything but “put together probably the most progressive outline that any president has introduced since FDR” – a reference to Franklin Delano Roosevelt’s New Deal in the 1930s.
So yeah, I despise Biden's past voting record and behavior, and I think we could do better. But it's totally counter productive to act like nothing has changed in this administration without actually paying attention to what's happening, the government is not just the president.
I'm almost positive that the name is Biden's idea, and his staff tried and failed to talk him out of it.
'The White House has dubbed this brick-and-mortar economic growth formula "Bidenomics," a phrase originally used by Republicans to jab the president, who co-opted the term as a badge of honor.'
https://www.cnbc.com/amp/2023/07/21/bidenomics-spurred-stronger-gdp-growth-morgan-stanley.html
I don’t want to hear shit about biden until he actually sides with striking workers, or actually cancels student debt, or federally legalizes weed, or does literally anything i voted for him for.
that dick catered with homophobes, racists, and big corporations throughout his entire career; he's not reasonable, he's an opportunist.
i wish the young could see what ultimately crappy shit he's done; but i guess this is the change that is needed.
Please, sane rando on the internet, pray tell, what more intelligent things would you like to share without any context or citations of source?
The person your responding to is absolutely correct. For the majority of Biden's career he was pretty despicable politician. He was one of the angry men yelling at the Anita Hill hearings. He famously lied about his credentials early on. For most of his career he has been owned by wall street. in the 70's, 80's and 90's he publicly had pretty hardcore racist and homophobic views. The Biden you see today is not the Biden most of America knows. He has never been a progressive ally.
He _is_the progressive ally that we need now.
It's unfortunate he was not perfect in the past, but he's changed and making amends. Why do Republicans have an issue with that?
Progressive ally? Biden was literally the candidate that the establishment put their full force behind (including having Obama make calls to have other candidates drop to back him) in order to defeat Bernie in 2020. Biden himself said "nothing would fundamentally change". A couple bones thrown here or there doesn't change that. I don't know if democrats are astroturfing here of all places or people are just deluding themselves into thinking he's doing more than he actually is, but he's really not.
not only was he not perfect in the past; but he still stand by his wrong decisions to this day.
They're not correct at all lol
Biden has never been a racist. People try to call him racist over a crime bill half-written by black congressional leaders and loudly asked for by the black community.
Biden has literally always been a stand up guy
Calling out his busing stance as wrong when it was prescient and he was 100% correct about a generation of black educators losing their jobs is... An interesting take, to say the least.
Maybe don't get your news from rags
Did you not see his response in the primary debates when kamala called out his segregation policies? Rather than admit that it was the wrong decision, he defended it and used the times as an excuse. Just look at his voting record, he's been very conservative over his career. It doesn't matter though, people change, and actions speak louder than words. He's doing good stuff as president and that's what matters right now.
Edit: spelled Kamala wrong and I'm embarrassed
Can you at least try to spell the VP's name right enough that people know who you're talking about?
Perhaps rather than an abrupt about-face at 80 years old, you're simply incorrect about Biden's "history."
He was right about schools. We lost a generation of black educators due to the way desegregation was handled nationwide. Biden accurately commented on this. We could have done better, which is literally what he was arguing for.
I actually learned of this fact tangentially, through an old episode of Revisionist History. His campaign ignored it because it's safer to ignore than to trust people to understand nuance. Sound campaign move, but plays to a lie, fundamentally.
you're splitting hairs and you're being disingenuous by ignoring all the other bad shit he's done. off the top of my head his stances against gay marriage, against gays in the military and permanent-for-life student debt are enough to brand him an ass hat and the fact that he still stands by those decisions proves that he's not worthy of your vote.
you should educate yourself
Lol this is awesome because your very first example is not only false, it was considered a minor scandal at the time: https://www.reuters.com/article/us-usa-biden-gaymarriage/biden-apologizes-to-obama-for-same-sex-marriage-remark-idUSBRE8491NH20120510
Then he, you know, signed gay marriage into federal law.
Kinda stopped reading there but I'm assuming you said similarly wrong things.
i hope you're young because being ignorant of his very public stances against gay marriage; against gays in the military; pro-segregation and non-dischargeable student loan debt is the only way you can be excused from knowning and a 30 second google search will confirm that he still stands by those decisions. educate yourself.
Unfortunately I'm old. Can you please help me out by linking articles that support your statements, so I can read them and help you change my mind about him? Thank you.
I've learned the hard way from Reddit that these kinds of requests will only result in my wasted time and it's not my responsibility to educate you; use Google
i happened to come across and article and thought of you: https://www.washingtonblade.com/2019/07/11/in-1996-sanders-and-biden-were-on-opposite-sides-of-doma-vote/
Hell yes, thank you. I'll edit my comment if I read anything notable that I would like to ask you.
Edit #1:
when DOMA came up for a vote in the U.S. Senate on Sept. 10, 1996, Biden in his capacity representing Delaware in the U.S. Senate bowed to public sentiment at the time, voting in favor of the anti-gay law.
Is the article implying that Biden is only voting in favor to ban gay marriage because he is succumbing to peer pressure?
Edit# 2: damn it dude, this article makes me sad that Bernie got shafted. Thanks.
But the truth matters. Biden’s views on same-sex marriage have never been cutting-edge. When majorities opposed it, so did he. Once support for same-sex marriage became the mainstream Democratic position, Biden adopted it.
Okay I see, so he's a two-faced politician who doesn't understand the full picture. It's all coming together now why certain groups within the Left don't like him.
So you have me on your side now. What options do we have in the next election cycle?
none since too many people support him completely out of ignorance of what he's done and said; like you did.
it's mind blowing that there are literally videos of him doing shitty things that a 30 second google search will show you, but people will still refused to believe it; we're no better than maga-ites
This one won't load for me because I have my firewall block the entire Facebook domain. Can you provide a summary?
While I agree with you, at least he's behaving reasonably now. I don't like all his decisions but I do like that many of the decisions are being delegated as they should be, and would re elect him against either of the two R frontrunners in a heartbeat. That's not high praise, but I do think his administration is doing much better than I thought it would
Edit: I'm surprised at the number of downvotes on the parent comment, they're not exactly wrong.
for me: the permanent damage he's done to my life was committed back in the 90's/00's and i would forgive him, but he still very publicly stands by his decisions against gay marriage, against gays in the military, pro-segregation and non-dischargeable student loan debt.
You don't have to like or support him to acknowledge what the government is doing. Hell, I can even acknowledge that Trump made a few good decisions.
People change over time. Are all of your viewpoints the exact same as when you first paid attention to politics?
People change over time
"people change" is a seemingly reasonable cover for that doesn't work for him because he staunchly stands by his wrong decisions for decades until it's politically convenient for him to "change" despite it impacting his own life and he's done it for every single one of his decisions and only "changes" once there's no political back lash.
in ten years time (assuming he's still alive) he's going to back pedal on permanent student loan debt once an overwhelming majority of voters make it a core issue.
So what is Bidenomics? I guess you could say it's 'doing fuck all' which the free market prefers anyways. Sure better than trying to impose a lot of socialist policies and tax hikes. I fail to see why the left would be pleased with this.
Oh you did for sure. That you have no idea what you are talking about and hate what you don't understand, which I'm sure is a lot.
Better you people waste your lives being edgy on niche social media platforms to get reactions out of strangers, than actually going out in the real world and making things worse there.
can you name a single Biden tax hike to date
The alternative minimum tax for corporations, where the absurdly rich companies have to pay at least 15% or something, even if they claim $0 tax burden?
I am curious are you or your parent religious? Did you attend church as a child? This is not a slight or some sort of insult I am simply curious.
If you were just going to rant about things you don't understand you would have been better off staying silent and not having people see how little you understand.