White House maintains economic growth projections despite Goldman Sachs downgrade

The White House maintains that, despite a recently lowered projection from Goldman Sachs, economic growth under President Joe Biden will remain “the strongest we’ve seen in decades.”

A reporter asked Brian Deese, director of the National Economic Council, about the screening at Wednesday’s press conference, wondering if the administration had “over-omitted” or if officials “were at all concerned that you piled up expectations too high at this point? “

“That’s a good question,” Deese conceded. “Even with a revised forecast, growth in 2021 would be the strongest we’ve seen in decades.”

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Biden’s chief economic adviser went on to praise “the record and historic strength of this recovery, not just historically, compared to other recoveries of crises and recessions in the United States, but a record on a global scale.”

“The United States is the only developed country where the GDP has already returned to its pre-pandemic level,” he continued. “This has not happened anywhere else in the world. The strength of our vision of economic growth and the growth of the labor market is sufficient that we can continue to experience strong growth, even as we face unforeseen circumstances, even as we work through the COVID delta challenges. “

“I think what is most remarkable about it is that even with these headwinds, we see the United States continuing to overtake our international peers and continue to surpass our historic progress for recoveries at similar points. “Deese said.

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You can watch Wednesday’s briefing in full below.

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Key words: News, Brian Deese, Goldman Sachs, White House, Economics, Joe Biden, Business

Original author: Christian Datoc

Original location: White House maintains economic growth projections despite Goldman Sachs downgrade


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