Economic Forecast Downgraded by Goldman Sachs

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Joe Biden’s economy has been dealt another blow as Goldman Sachs has downgraded its economic forecast.

According to The Washington Free Beacon:

The economists in a Sunday note to clients blamed the downgrade on “a longer-lasting virus drag on virus-sensitive consumer services spending,” a decreased financial stimulus, and a shortage in semiconductors, MarketWatch reported.

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China, which has recently threatened Taiwan and the United States, has significant control over the global semiconductor industry.

The forecast predicts economic growth of 5.6 percent in 2021, down from 5.7 percent, and 4 percent growth in 2022, down from 4.4 percent. The economists have upgraded their 2023 and 2024 forecasts, however, which they say offset the downturn.

The Goldman forecast is only the latest piece of troubling economic news for the Biden administration, which already faces an inflation spike, the highest gas prices in six years, and the worst unemployment numbers in a year.

It is unlikely to reach pre-pandemic levels in 2022 according to the firm.

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Don Miguel
Don Miguel
1 month ago

Goldman is missing it. The drag on the economy will be worse than that. Inflation is not transitory and the way Biden wants to spend is pouring gasoline on that fire.Gsoline is 50 pct. higher than a year ago. Only 8 states have gasoline cost averaging under $3 and Ca. is over $4. Gasolins is an undeclared tax. Biden says that his program will only raise taxes on those making over $400k. He forgets to say that he means official taxes. The ones called a tax. The cost of gasoline and food have gone up because of his inept policies trying to appease the left when it is the moderates who elected him and he has p’od. Food has gone up because of the price of diesel (also up 50 pct.) that truckers cannot absorb as well as demand as more people re4discovered eating at home during covid not only kept them safe but they ate healthier and saved money. Every penny change in the cost of a gasoline adds or subtracts a billion dollars of disposable income from the U.S. economy. So a $1.00 increase on the cost of gasoline removes one hundred billion dollars from the U.S. discretionary money supply. Numbers have a better effect- $100,000,000,000.00. Hard to imagine and something all these highly paid people in D.C. do not want to talk about. BTW the penny a gallon/a billion dollar change came from a CNN report in 2014.

William Petite
William Petite
1 month ago

The only difference between a households economy, and the nation economy, is they control the printing of money. The more debt, the worse things get, in both, When they print money, without a backup, like the Gold Standard, the less value our money has, and the higher the price of all goods and services. But even that comes to a disasters’ end for all of us, tax’s can only be raised so high, before a revolt takes place, Just like the households economy, People need to work, in order to survive, Creating jobs, keeping price’s down, spending within reason, is the way to keep the Countries Economy up and running for all. They use terms to make it sound difficult, to understand, The Basic’s are the same. They haven’s changed from the beginning of time.

Pizzaman7
Pizzaman7
1 month ago

The chickens are coming home to roost…..printing money non-stop, unfettered illegal immigration, the government scaring people with a virus with a 99% recovery rate, shutting down society for so long, paying people to stay home, the weakening of our military of the boldness of our enemies, and so forth. Lots of issues these days all by awful policies. Vaccine mandates will further weaken this economy. 500K cargo ships just sitting off our coasts….if taxes are implemented it will be goodbye USA ! Wasn’t it nice to have energy independence and be the world’s largest oil exporter ? Look at the cost of oil now. FJB Baby ! We all have to fight back as hard as possible or it will be over soon. There are people in this country absolutely obsessed with power and control and they don’t care about anything else !!!!!

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