Goldman Sachs Backs Down From Rosy Prediction About The Future

(RoyalPatriot.com )- Things aren’t going so well for President Joe Biden, and it’s hard for him to hide it at this stage. In a crushing blow to Biden’s claim that he is building back “better,” Goldman Sachs just cut its United States economic growth target to 5.6% for this time, and to 4% for 2022.

Why? A decline in fiscal support through the end of the next year, and a delayed recovery in terms of consumer spending.

In other words: people aren’t spending enough.

Could that be something to do with the fact that the Democrats have spent the last year encouraging people to avoid going to work, collect government benefits, and avoid going out and spending money?

Probably.

Sachs had previously predicted a 5.7% GDP growth this year, and 4.4% for next year. However, research published on Sunday for chief economist Jan Hatzius and others reveals that the nation’s leading economic experts don’t have hope of a quick and substantial recovery any time soon.

Goldman Sachs also noted that there is a “longer lasting virus drag on virus-sensitive consumer services” and said that they expect that semiconductor supply will likely not begin improving until the first half of next year – meaning that inventory restocking will remain troublesome until the new year.

Spending on services and non-durable goods is also expected to remain low for some time, especially if there is a permanent shift to remote work.

With more people working from home, there will be fewer profits for businesses who make money on those who travel to and from their office every day.

Things aren’t looking great.