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Goldman Sachs cuts US economic forecast after Joe Manchin rejects Build Back Better

By Curt_Anderson
December 19, 2021 9:22 pm
Category: Politics
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(CNN Business)Senator Joe Manchin's opposition to the Build Back Better Act prompted Goldman Sachs to swiftly dim its US economic outlook.

The Wall Street firm told clients Sunday it no longer assumes President Joe Biden's signature legislation will get through the narrowly divided Congress, citing the West Virginia Democrat's announcement that he's a "no" on the $1.75 trillion bill.
"A failure to pass BBB has negative growth implications," Goldman Sachs economists, led by Jan Hatzius, said in the research report.
Citing the "apparent demise" of Build Back Better, Goldman Sachs now expects GDP to grow at an annualized pace of 2% in the first quarter, down from 3% previously.


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Comments:

  1. by Donna on December 20, 2021 5:44 pm
    You have to spend money to make money.


  2. by Curt_Anderson on December 20, 2021 7:10 pm
    And sometimes you have to spend money to save money. Like your moving expenses which will be recouped thanks to your lower rent costs.


  3. by Donna on December 20, 2021 7:56 pm
    Exactly, Curt.




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