According to Morgan Stanley, President Joe Biden’s economic policies are driving an unexpected surge in the U.S. economy that is so impressive that the bank was forced to make a “sizable upward revision” to its estimates for U.S. gross domestic product. That’s good news America.
Who or what is Morgan Stanley? Morgan Stanley is an American multi-international investment bank and financial services company, headquartered in Midtown Manhattan in New York City. The firm provides investment banking products and services to its clients and customers, including the government, corporations, financial institutions, and individuals.
“Together we are transforming the country, not just through jobs, not just through manufacturing, but also by rebuilding our infrastructure,” Biden said on July 20 during a visit to a Philadelphia shipyard. 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.
In addition to his legacy, Biden has also staked his 2024 reelection bid on Bidenomics, betting that strong economic growth and a campaign built around kitchen- table issues will ultimately drown out Republicans’ culture war outrage. President Biden’s trip to the Naval Shipyard on July 20 was to promote his economic agenda, which includes his vision for a clean energy future and the importance of unions.
During his remarks at the Navy Yard, Biden made the important connection between rebuilding the middle class, with working toward a renewable energy future.
On hand to hear from the President in person were union representatives, shipyard workers, and other stakeholders in the manufacturing industry who were there to hear what President Biden had to say.
The White House adopted the term “Bidenomics” in recent weeks to refer to its economic agenda of making public investments, lowering costs, and growing the middle class. At the event, Biden described Bidenomics as a plan for “building the economy from the middle out and the bottom up.”
While I was not in the room at the Naval Shipyard when President Biden spoke, I was outside in front of the building where he was. Just so happens that my grandson who just graduated from the Randolph Skills Learning Center in June of this year, has a job as a Welder in an apprenticeship at the shipyard, and I was there to pick him up. I knew the President was visiting the shipyard that day, and I was braced for lots of traffic holdups because of it. Surprisingly, I missed the snarl of traffic. However, I did get to see and speak with some of the guests who heard the President in person. Overall, the feedback I got was positive and hopeful about the President’s visit. Everyone in the room couldn’t have all been Democrats. Nonetheless, what I heard people say who were leaving the event was that President Biden sounds like a man on a mission to make sure he wins re-election in 2024. That means the economy has got to look good, along with everything else the President can fix between now and decision time 24.
A few days after the shipyard visit, I had the opportunity to interview Jared Bernstein, Chairman of the Council of Economic Advisors at the White House.
“Today is a good day to be talking about the economy. We just got a report on GDP for the second quarter, and it was a goodone. Now what do I mean when I say GDP? That stands for Gross Domestic Product. What that really means is what is the scope of the U.S. Economy. That typically is a good thing for working families. That usually means more jobs, more income, and in this case, a very important result from today’s report, less inflation. Inflation came down pretty significantly in this report. This is all good to see for the second quarter.”
Bernstein added, “One of the things that we’re starting to see is that some of these consumer confidence or sentiment surveys are that people are starting to feel the benefits of some turnarounds, in the sort of things we were just talking about. So inflation was nine percent about a year ago. That was a forty-year high. It’s come all the way down to three percent. Our work is not done. In today’s report, we actually saw inflation come down a bit more, but we’re not done here yet. What we’re trying to do is maintain this very strong labor market while prices come down. Thus far, we’ve been successful and that’s kind of key to Bidenomics. If you can keep a strong labor market with lower inflation, that translates into real wage gains. That means ,…
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