Morgan Stanley raises economic growth forecast, citing Biden infrastructure ‘boom’

foxbusiness.com:

Rep. Mike Garcia, R-Calif., criticizes President Biden's handling of the economy and Chinese competition.

Morgan Stanley raised its economic growth forecast up this week, citing a «boom in large-scale infrastructure» driven by President Biden’s Infrastructure bill, according to reports. 

«The economy in the first half of the year is growing much stronger than we had anticipated, putting a more comfortable cushion under our long-held soft landing view,» Morgan Stanley’s Chief U.S. Economist Ellen Zentner said in a note Thursday, MarketWatch reported. 

She added that «manufacturing construction has shown broad strength.» 

Thusly, Morgan Stanley has made a «sizeable upward revision» to its economic forecast, predicting 1.3% GDP growth in the fourth quarter rather that their original prediction of 0.6% and 1.9% growth for the first half of the year, up from 0.5%, according to CNBC. 

INVESTORS STILL BEARISH ON US ECONOMY AMID SLOWDOWN FEARS 

The White House has started referring to President Biden's economic policies as «Bidenomics,» a term first used by Republicans.  (Spencer Platt/Getty Images / Getty Images)

«The narrative behind the numbers tells the story of industrial strength in the U.S.,» she wrote.

The bipartisan Infrastructure Investment and Jobs Act was signed in late 2021 and the Inflation Reduction Act became law last August.

Still, Biden's poll numbers remain underwater amid a presidency plagued by high inflation following the coronavirus pandemic. 

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The president has lately been touting his economic and infrastructure successes, dubbing his polices «Bidenomics,» which was first used derisively by Republicans. 

«While our work isn’t finished, Bidenomics is already