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Morgan Stanley commends 'Bidenomics' as Biden continues efforts to sell the public on it
Morgan Stanley is commending "Bidenomics" at a crucial time, crediting President Joe Biden's policies for the state of the U.S. economy as Biden continues his quest to sell a skeptical public on his economic agenda.
The acclaim for Biden's economic plan came with Morgan Stanley's announcement that it expected to boost its growth forecast for the year.
The major investment bank and financial services company now projects 1.9% gross domestic product growth in the first half of this year as opposed to the previous estimate of 0.5%. Reuters reported Morgan Stanley expects GDP will rise 1.3% on average in 2023.
In a research note released last week, CNBC reported Morgan Stanley's chief U.S. economist Ellen Zentner wrote the Infrastructure Investment and Jobs Act – legislation Biden signed in Nov. 2021 that was a major piece of his agenda – is creating a "boom" in infrastructure and strengthening manufacturing construction.
The Biden administration has been in a full-force effort to sell the public on his economic agenda, embracing the term "Bidenomics" and sending top officials, including the president himself, on the road to tout Biden's policies and legislation.
Just last week, Biden traveled to Philadelphia to tout his handling of the economy, pointing to the unemployment rate, rising wages and falling inflation to make the case his plans are working.
The unemployment rate is near an historic low at 3.6% and inflation is at its lowest point since 2021, despite still being more than the Federal Reserve's target number.
However, much of the public thus far remains unconvinced the president is doing a good job on the topic.
At the beginning of the administration's economic messaging blitz, just 34% of U.S. adults said they approved of his handling of the economy, according to a survey from the Associated Press-NORC Center for Public Affairs Research.
In the weeks since, according to the CNBC All-America Economic Survey released Thursday, his economic rating improved slightly. However, according to the poll, still just 37% said they approve of his handling of the economy.
A Monmouth University poll conducted July 12-17 found only 34% of Americans approve of Biden's handling of inflation. When it came to his handling of jobs and unemployment, 47% approved while 48% disapproved.
Former Speaker Nancy Pelosi, D-Calif., heaped praise on the Democratic president during a CNN interview on Sunday, saying the "caliber of the legislation" he passed is on the level of former Democratic presidents Lyndon B. Johnson and Franklin D. Roosevelt.
"He is just going to have to make sure the American people know at that kitchen table what this means to them in terms of jobs, pay, reducing inflation," Pelosi said of Biden.
"It has to be message. It is a legitimate question, I'm asking myself all the time too," she said when pressed on why polling continues to show many Americans do not approve of his handling of the economy.
Similarly, White House Council of Economic Advisors chair Jared Bernstein said on "Fox News Sunday," he believes the positive economic trends will continue and consumer sentiment will catch up.
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Republicans have jumped on the administration's 'Bidenomics' focus, with House Speaker Kevin McCarthy, R-Calif., calling 'Bidenomics' an "economic disaster where government causes decades-high inflation, high gas prices, lower paychecks, and crippling uncertainty that leaves Americans worse off" on Twitter.
The Associated Press contributed to this report.
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