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Tue Apr 6, 2021, 10:52 AM

The US economy is growing at its fastest pace since 1984

Source: CNN

London (CNN Business)President Joe Biden's $1.9 trillion stimulus package will boost the US economy and drive faster global growth this year, the International Monetary Fund said Tuesday, though it warned that many countries continue to suffer from the pandemic and are at risk of being left behind.

The US economy will surpass its pre-pandemic size as growth reaches 6.4% this year, the IMF said, up 1.3 percentage points from the group's forecast in January. The rebound will help the global economy expand 6% in 2021, an upgrade of 0.5 percentage points from the IMF's previous outlook. The estimates are broadly in line with Wall Street's expectations.

"At $1.9 trillion, the Biden administration's new fiscal package is expected to deliver a strong boost to growth in the United States in 2021 and provide sizable positive spillovers to trading partners," the IMF said in a report. Other governments and central banks around the world have also pumped trillions into the global economy.

The IMF said the "unprecedented policy response" to the pandemic means the "recession is likely to leave smaller scars than the 2008 global financial crisis." The group estimates global output dropped 3.3% in 2020, while the US economy shrunk 3.5%.

There are already signs the US recovery is gaining speed. American employers added 916,000 jobs in March, the biggest gain since August. The US manufacturing sector is also roaring ahead, with the ISM Manufacturing Index recently posting its best reading since 1983.

Read more: https://www.cnn.com/2021/04/06/economy/imf-us-economy-recovery/index.html

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Reply The US economy is growing at its fastest pace since 1984 (Original post)
UpInArms Apr 2021 OP
Bayard Apr 2021 #1
FloridaBlues Apr 2021 #2
bahboo Apr 2021 #3
twodogsbarking Apr 2021 #4
PETRUS Apr 2021 #5
Johnny2X2X Apr 2021 #6

Response to UpInArms (Original post)

Tue Apr 6, 2021, 11:10 AM

1. Eat that, rethuglicans!

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Response to UpInArms (Original post)

Tue Apr 6, 2021, 11:15 AM

2. Thank you Biden administration and Dems

This will chaff the republicans.

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Response to UpInArms (Original post)

Tue Apr 6, 2021, 11:18 AM

3. this is what you get when you go big...

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Response to UpInArms (Original post)

Tue Apr 6, 2021, 01:21 PM

4. It is 1984 all over again.

How fitting.

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Response to UpInArms (Original post)

Tue Apr 6, 2021, 03:56 PM

5. And people react as if this is good news...

The US economy consumes resources and generates waste at a wildly unsustainable pace as it is (e.g. if we hope to limit warming to 2 degrees Celsius, we've already overshot our share of the global carbon budget by around 280 billion tonnes). More growth is a giant middle finger to the rest of the world - particularly the global south - and future generations everywhere.

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Response to UpInArms (Original post)

Tue Apr 6, 2021, 04:13 PM

6. President Joseph Robinette Biden!

The Biden Recovery is going to be fantastic for the country.

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