US President Joe Biden said his country’s economy is experiencing “bright spots” after several difficult years and is heading for a “new high” that appears to be a description of the steady and slower growth that White House officials expect.
And while investors, many economists and some corporate executives have recently warned of a US recession in 2023, the Biden administration sees this as unlikely and attributes it in part to federal spending.
Biden told his government that he expects $3.5 trillion in public and private investment in the manufacturing and technology sectors over the next ten years, which will boost the economy and the outlook for American businesses and workers.
He added: “This is not about reaching a flat point. It’s about hitting a whole new high,” noting, “We’re the only country in the world that came out of the crisis stronger than we entered it.”
Biden cited recent data showing low inflation, strong growth and a stable job market, but said hundreds of billions of dollars of federal spending needed to be implemented through three major laws passed last year.