Biden: Going to 'act fast" on economy 'in trouble' President Joe Biden said Friday it's clear the U.S. economy "is still in trouble." And he pledged to "act fast," even without Republican support, to get Americans the stimulus he believes they need. (Feb. 5)
It was supposed to be a dark winter for the economy.
But buoyed by government stimulus checks, falling COVID-19 cases and the vaccine rollout, growth is expanding briskly and the economy is projected to boom this year as pandemic-related restrictions ease.
Some economists even predict that by late 2021 and throughout 2022, the nation's gross domestic output will be larger than it would have been if the health crisis hadn't occurred.
That's a particularly remarkable outcome, especially when you consider that (in the aftermath of the Great Recession of 2007-09), the U.S. economy never really returned to its prerecession path, Morgan Stanley Chief Economist Chetan Ahya wrote in a note to clients.
Barclays, Morgan Stanley and Oxford all forecast about 6.5% growth this year, which would be the best since 1984, while Goldman Sachs is looking for a 7% advance.
Other economists aren't quite so bu...