ICYMI: Bidenomics Is Working—and the Economic Momentum Is Growing

As the Biden-Harris Administration continues to fan out across the country to take the message of Bidenomics directly to the American people, a flurry of new reporting over the past few days has highlighted the growing momentum showing the American economy exceeding expectations because of the President's plan to rebuild our economy from the middle out and the bottom up, not the top down.

Late last week, CNBC reported that "Morgan Stanley is crediting President Joe 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."

Over the weekend, Axios ran a story highlighting that "a manufacturing boom has swept across the country in President Biden's 2½ years in office," noting that "the U.S. economy has added some 800,000 manufacturing jobs nationwide."

Ahead of the one-year anniversary of the Inflation Reduction Act, the Associated Press reported that "in less than a year," the law "has prompted investment in a massive buildout of battery and EV manufacturing across the states. Nearly 80 major clean energy manufacturing facilities have been announced, an investment equal to the previous seven years combined, according to the American Clean Power Association."

And a story in the Wall Street Journal proclaimed that "The core of the American labor force is back. Americans between 25 and 54 years of age are either employed or looking for jobs at rates not seen in two decades, a trend helping to counter the exodus of older baby boomers from the workforce."

These reports come at a time when our economy has added 13.2 million jobs, the unemployment rate has remained under 4% for the longest stretch in more than 50 years, inflation has fallen to the lowest level in more than two years, and the share of working-age Americans in the workforce is as high as it's been in 20 years.

That's no accident—it's Bidenomics in action.

See coverage below:

MSNBC's Morning Joe: Morgan Stanley says 'Bidenomics' helps U.S. economy

LEMIRE: Morgan Stanley, let's start with this news this hour, is revising its estimates for the future of the American economy. The financial services firm credited "Bidenomics" for much stronger than expected GDP growth. The bank projects 1.9% GDP growth for the first half of this year, that's nearly four times higher than the bank's previous forecast, which had been 0.5%. And looking to next year, they raise their forecast for real GDP in 2024 by a tenth of a percent to 1.4%. The revision comes as President Biden has been on the road trying to sell the American public on his infrastructure investment and jobs act. The legislation directs billions of dollars toward construction on bridges, roads, airports and seaports. It also includes plans to increase the availability of broadband internet, to replace lead pipes and build electric vehicle charging stations. Morgan Stanley's chief economist said the President has created a, quote, boom in large-scale infrastructure.

CNBC: Morgan Stanley credits Bidenomics for 'much stronger' than expected GDP growth
[Christina Wilkie, 7/21/2023]

Morgan Stanley is crediting President Joe 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.

Biden's Infrastructure Investment and Jobs Act is "driving a boom in large-scale infrastructure," wrote Ellen Zentner, chief U.S. economist for Morgan Stanley, in a research note released Thursday. In addition to infrastructure, "manufacturing construction has shown broad strength," she wrote.

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%.

Wall Street Journal: Americans in Their Prime Are Flooding Into the Job Market
Share of people between 25 and 54 working or seeking jobs rose this year to highest level since 2002.
[Jeffrey Sparshott, 7/22/23]

The core of the American labor force is back.

Americans between 25 and 54 years of age are either employed or looking for jobs at rates not seen in two decades, a trend helping to counter the exodus of older baby boomers from the workforce. Economists define that age range as in their prime working years—when most Americans are done with their formal education, aren't ready to retire and tend to be most attached to the labor force.

In the first months of the pandemic, nearly four million prime-age workers left the labor market, pushing participation in early 2020 to the lowest level since 1983—before women had become as much of a force in the workplace. Prime-age workers now exceed prepandemic levels by almost 2.2 million.

Associated Press: One year old, US climate law is already turbocharging clean energy technology
[Isabella O'Malley and Michael Phillis, 7/23/2023]

On August 16, after the hottest June ever recorded and a scorching July, America's long-sought response to climate change, the Inflation Reduction Act, turns one year old. In less than a year it has prompted investment in a massive buildout of battery and EV manufacturing across the states. Nearly 80 major clean energy manufacturing facilities have been announced, an investment equal to the previous seven years combined, according to the American Clean Power Association.

Axios: South, Mountain West see manufacturing boom under Biden
[Hans Nichols, 7/23/2023]

A manufacturing boom has swept across the country in President Biden's 2½ years in office, with the South and Mountain West — including several red states — having especially strong growth, according to Bureau of Labor Statistics data.

Why it matters: The U.S. economy has added some 800,000 manufacturing jobs nationwide, a figure Biden hopes will boost his claim to have delivered on his promise to be a president — and create jobs — for all Americans.