In less than 100 days, President Biden’s American Rescue Plan and the administration’s leadership is ushering in an economic boom and potentially one of the fastest rates of growth in decades.
The American Rescue Plan put billions of dollars in the hands of Americans to make sure they can pay the bills, put food on the table, and keep their small businesses open. The result is potentially the fastest four-quarter growth spurt since 1984.
Alan Blinder: “Welcome to the Biden boom. While the first quarter of 2021 is history, the data are still coming in. ‘Forecasts’ of real economic growth, based on partial data, now run in the 7% to 8% range. More important, there is a good chance the stellar first quarter won’t be a flash in the pan. The Wall Street Journal’s recent poll of economists registered an average forecast of 6.4% growth over the four quarters of 2021. If that happens, it will mark the fastest four-quarter growth spurt since 1984. The 1983-84 boom, which came after a deep recession, led to Ronald Reagan’s declaration of ‘morning in America’—and his smashing 1984 electoral victory. Like the Reagan boom and the Clinton boom, the Biden boom won’t be due entirely to the policies of the president. But they are sure helping.”
Washington Post: “Instead, the rebounding economy is headed for its best year since 1984, according to the International Monetary Fund. The U.S. economy likely expanded in the first quarter at an annual rate of 6 percent and should accelerate in the months ahead, economist Ian Shepherdson of Pantheon Macroeconomics told clients this week. More than 1.3 million jobs have been added since the election.”
Thanks to President Biden delivering on his promise to get 200 million vaccines administered in under 100 days, businesses are opening up, people are heading back to work, and retail is booming.
Associated Press: “Newly vaccinated and armed with $1,400 stimulus checks, Americans went on a spending spree last month, buying new clothes and going out to eat again. Retail sales surged a seasonally adjusted 9.8% in March after dropping about 3% the month before, the Commerce Department said Thursday. The increase was the biggest since May of last year, when stores reopened after closing at the start of the pandemic. It was also much larger than the 5.5% increase Wall Street analysts had expected.”
CNBC: “The labor market is heating up as fewer people seek unemployment benefits.”
Alan Blinder: “Much of the credit goes to the vaccines—including Team Biden’s acceleration of their delivery.”
And now, more Americans approve of President Biden’s handling of the economy than they ever did for President Trump.
PBS Newshour: “A majority of Americans support President Joe Biden’s handling of the economy, marking the first time his approval numbers have been on par with those enjoyed by Donald Trump in an area where the former president consistently received high marks from the public and on which he staked his political career.”
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