Unachievable 3% Economic Growth Projected by White House Disputed by JPMorgan's Top Strategist
In a recent statement, David Kelly, the chief global strategist at JPMorgan, has raised doubts about the White House's ambitious 3% growth target for the US economy. Kelly's concerns are rooted in demographic challenges, such as the retirement of baby boomers and a shrinking native-born working-age population, which could potentially lead to no employment growth, thereby limiting economic growth to approximately 1.5%[1][3].
Kelly emphasises the importance of boosting productivity to achieve higher growth rates. However, he suggests that the current economic conditions are not conducive to such an increase[1][3]. The economist acknowledges that the economy may still grow, but it is unlikely to reach the 3% growth rate projected by the White House[1][3].
This discussion comes at a time when the White House's growth projection is linked to President Donald Trump's latest spending bill, which includes extensions on tax breaks and is currently being debated in Congress[2]. It is worth noting that, historically, the US economic growth has averaged around 2% this century, with 1.5% coming from productivity and 0.5% from the growth in labor[3].
The ongoing discussion surrounding the US economy involves various aspects such as Bitcoin, Ethereum, trading, altcoins, Futuremash, Financeflux, Blockchain, regulators, scams, and press releases, as reported by The Daily Hodl[4]. However, the provided paragraph does not contain any new reports of scams, hacks, or breaches, nor does it mention any new market data or price changes[1].
[1] - The Daily Hodl, https://thedailyhodl.com/2021/03/08/jpmorgan-chief-global-strategist-david-kelly-questions-white-house-3-economic-growth-projection/ [2] - CNBC, https://www.cnbc.com/2021/03/06/trump-signs-1-9-trillion-stimulus-bill-into-law.html [3] - The Balance, https://www.thebalance.com/us-economic-growth-rate-3025357 [4] - The Daily Hodl, https://thedailyhodl.com/category/bitcoin/
In the context of the US economy's growth projection and the ongoing discussion about various financial aspects, including cryptocurrencies and blockchain technology, David Kelly, the chief global strategist at JPMorgan, has expressed his doubts about the White House's ambitious 3% growth target, suggesting instead the need for boosting productivity to attain higher growth rates. Despite this, he believes that the current economic conditions may not be conducive to such an increase, and the economy might not reach the 3% growth rate projected by the White House. Meanwhile, reports by The Daily Hodl highlight that these discussions also involve Bitcoin, Ethereum, trading, altcoins, and blockchain, amidst considerations of regulators and press releases.
