Goldman Sachs economist predicts strong U.S. economic growth in 2024, exceeding expectations. President Biden touts economic achievements in a published piece, emphasizing low unemployment, job growth, and controlled inflation. Data points to a robust economy reaching GDP growth targets.
The top economist at Goldman Sachs concluded in her latest analysis that the United States economy grew much faster than expected in 2024. The report came on the heels of Commerce Department data that showed the economy growing at an annualized rate of 3.1% over the summer, exceeding expectations, and up slightly from the 3% growth in the spring.
The New York Times recently reported that Scott Bessent, Donald Trump’s choice to lead the Treasury Department, has a goal of getting GDP growth to 3%. The latest evidence suggests that the country has effectively already reached the goal. With this in mind, it was tough to blame President Joe Biden for taking a bow of sorts in a published piece for The American Prospect. “It is worth reviewing the facts on the U.S. economy that I am handing off to my successor,” the retiring Democrat wrote. “Unemployment has been at the lowest average rate of any administration in 50 years. We have created over 16 million new jobs, and more than 1.5 million of those are in manufacturing and construction. Inflation has been brought down close to 2 percent, the same level as right before the pandemic. “Incomes are up by nearly $4,000 adjusted for inflation, and unions have won wage increases from 25 percent to 60 percent in industries like autos, ports, aerospace, and trucking. We’ve seen 20 million applications to start small businesses. Our economy has grown 3 percent per year on average the last four years — faster than any other advanced economy. Domestic energy production is at a record high, and gas prices are around $3 per gallon.” The piece for The American Prospect coincided with a New York Times piece, also published last week, with a memorable headline: “The Economy Is Finally Stable. Is That About to Change?” As regular readers know, there’s been no shortage of headlines in recent weeks and months about the strength of the domestic economy. A recent Wall Street Journal analysis described the state of the U.S
ECONOMY GDP GROWTH UNEMPLOYMENT INFLATION BIDEN ADMINISTRATION
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