President Biden
Jacob Heilbrunn, National Interest: The Biden Economic Boom Has Arrived
Regularly dismissed as an old coot, Biden has often been underestimated. Having waited decades to become president, he shows every sign of being more ambitious than his detractors assumed.
The Biden Boom has begun. The Organization for Economic Cooperation and Development predicts that the United States will see 6.5 percent GDP growth in 2021—a mark that would eclipse most postwar presidents. Harry Truman set the record with 8.6 percent growth in 1950. President Obama only compiled 2.6 percent in 2015, his best year. President Trump’s top year was 3 percent in 2018—and worst was a whopping minus 3.7 percent in 2020.
With his $1.9 trillion stimulus plan, Biden is set to juice the economy for the next two years. The legislation includes a raft of measures that ensure a return to the era of big government, something that American voters appear to object to in theory but not in practice. It’s both an economic and political victory for him.
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WNU Editor: Dumping "helicopter money" will impact the markets and Wall Street. As for the impact on Main Street .... too early to say. The child credit will help low income families with children. But there will be a cost to that assistance .... inflation and unemployment being two of them.
Update: As I said. Helicopter money is great for Wall Street .... Stocks maintain gains following key bond auction, Dow is up 400 points (CNBC).
11 comments:
We need to stop thinking about it as "the economy" and just concentrate on "the stock market".
Well Trump did say it was going to boom. It will in spite of the Left.
Aw Geez, WNU I stopped reading the article, yesterday. I thought no one at National Interest could be as partisanly stupid as Paul Pillar and here is Jacob Heilbrunn giving him a run for his money. I stopped reading it, but intend to go back after a taking a shot or three to fortify myself. You linked it and now I have an additional reason to read it. I can see what arguments the other side or a supposedly smart person is using.
If the economy booms with helicopter money and Biden claims it, then it would be hard to back pedal and blame Trump, when things go south. I am sure there will be people in some quarter of the Left that will. Let them pout a stake in the ground and allege things are good economically. It will come back to haunt them ... and everyone else.
The mob will prosper
Party days
1920 happynes
But 2022 will be a 🔴
Unless the US economy is opened up to a pre-covid threshold, the only "growth" you'll see will be the size of the stock market bubble. The Biden bunch also needs to somehow keep looming hyper-inflation under control.
Given the terrible decisions made thus far in his *residency, EG: shutting down Keystone XL, wholesale border openings, mass government giveaways - it is doubtful this bunch will produce much, if any positive results.
It'll boom until inflation hits and exlodes prices crazily. People will pull money out of the bank to grab better and safe rates in banks.
The Fed just stress tested banks for a 55% crash, they are seeing something no one else does!
https://www.fool.com/investing/2020/06/27/the-fed-just-released-bank-stress-test-results-her.aspx
Awwwwww! No bluster. Maybe we'll get the kidd treatment like we did a month ago.
Massive spending, massive inflation ... say what? you retired? Sux to be you! Ha ha Better hope the spouse still works. Otherwise, government housing for you. Checkout what happened in Always Sunny Sweden when the government moved elderly out of their housing to make room for immigrants and refugees.
Enjoy.
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