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Biden Says Economy Witnessing 'Really Bright Spots' After Few Rough Years: 'This Is About Going To A Whole New Plateau'

Benzinga · 01/06/2023 08:01

President Joe Biden said on Thursday the U.S. economy was witnessing "really bright spots" following a few rough years and was moving towards a "new plateau."

Biden told members of his Cabinet ahead of a private meeting that he expects public and private investments of $3.5 trillion in manufacturing and technology over the next decade boosting the U.S. economy and shoring up prospects for American companies and workers, according to a Reuters report.

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"This is not about getting to a level spot. This is about going to a whole new plateau," he said adding, "We're the only country in the world who's come out of the crisis stronger than we went in."

Biden highlighted data showing easing inflation, strong growth and a resilient labor market, but also indicated it would be important to implement hundreds of billions of dollars in federal spending contained in three key signature laws passed last year.

As per an Atlanta Federal Reserve model, the U.S. economy is estimated to grow 3.8% in the fourth quarter of 2022, while the consumer price index rose 0.1% in November.

"That doesn't mean it's all over. It means that we're off to a pretty darned good start," Biden said. "I just don't want to get us suckered into thinking that we can sort of let up on the gas pedal."

Fed Comments: The U.S. President is not the only government official sounding optimistic. St. Louis Federal Reserve President James Bullard has expressed optimism that 2023 could finally bring relief from inflation, and that the risk of a U.S. recession has come down in recent weeks.

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