The Biden Campaign got a big vote of confidence from Wall Street this week. Goldman Sachs and Moody’s issued reports saying that a Democratic sweep of the Presidency and Congress would mean a faster economic recovery for the nation.
Goldman Sachs wrote that a blue wave would “sharply raise the probability” of a fiscal stimulus package of at least $2 trillion shortly after the January 20 inauguration. The bank also cited Biden’s longer-term spending plans on infrastructure, climate, health care and education as reasons that “a blue wave would likely prompt us to upgrade our forecasts” in Monday’s report.
They aren’t the only Wall Street firm saying this.
Moody’s Analytics found that Biden’s economic proposals, if enacted, would create 7.4 million more jobs than would Trump’s. The economy would return to full employment in the second half of 2022, nearly two years earlier than under Trump’s plan, Moody’s said.”The economic outlook is strongest under the scenario in which Biden and the Democrats sweep Congress and fully adopt their economic agenda,” wrote Moody’s economists led by Mark Zandi, who advised Senator John McCain during the 2008 presidential race.