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Member since: Mon Oct 31, 2016, 07:09 PM
Number of posts: 11,634

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This week in Bidenomics: Get ready for the Biden boom


This is the rationalization for Biden’s $1.9 trillion American Rescue Plan, which seems likely to pass in March. Congress may not approve the entire amount, but there will almost certainly be another $1,400 check, or more, for most families and an extension of supplemental unemployment benefits. The final price tag could be around $1.5 trillion. That would boost the total amount of fiscal stimulus during the last year to nearly $6 trillion, by far the most aggressive federal response to a recession since the 1930s.

Then, the boom will arrive. A variety of indicators are beginning to foretell a surge in economic growth, and the consequences of that. Retail sales surged 5.3% in January, much more that expected. One factor boosting spending was the $600 stimulus checks that went out to most homes in early January, as part of the late-2020 stimulus bill. Business spending picked up, as well, not surprising since CEO confidence recently hit a 17-year high.
With even more stimulus cash likely to hit mailboxes soon, economists are raising their forecasts for GDP growth. From Feb. 12 to Feb. 19, the New York Federal Reserve’s estimate of first-quarter GDP growth jumped from 6.7% to 8.3%. Forecasting firm Capital Economics expects full-year real GDP growth of 6.5% in 2021, which would be the strongest since 1984. “There is no recession,” says former Congressional Budget Office Director Douglas Holtz-Eakin. “The economy is growing strongly.”

Covid vaccinations are another bullish indicator. Biden says ample vaccines could be available by July, and other health experts think herd immunity could arrive sooner. That could bring a quicker revival of the gasping parts of the economy.

I typically don't like Yahoo articles but this is a good one. Plus i like the sound of "Biden Boom!"

Biden's shaping up to be a phenomenal POTUS!

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