As the year 2023 draws to a close, the U.S. economy has fared better than predicted, with robust activity and a sharp fall in inflation. The S&P 500 is trading at 21.5x earnings with a VIX < 13, indicating expectations of a soft landing, no recession, 5-7 rate cuts starting in March, and double-digit EPS growth in 2024. The White House has highlighted the Biden administration's achievements, particularly in relation to the economy. Meanwhile, the House Democrats are working to increase funding for K-12 education and address teacher and school bus driver shortages in a post-pandemic world. The NDAA bill, which includes a 5.2% increase for servicemen and women, the largest pay raise in two decades, and $150M for HBCUs for R&D, has been passed. Investment in workers and infrastructure has helped to rebuild the economy from the middle-out and bottom-up, enabling a faster recovery than peer nations. The Federal Reserve and the White House have successfully averted a recession, with real wages growing, strong economic growth, low unemployment, low gas prices, significant progress on inflation, and a soaring stock market. The Investing in America agenda is moving projects faster and providing better value for taxpayers.
NEW: This executive order ensures that federal construction projects across the Commonwealth and our country will be completed efficiently and create high-quality, union jobs. Proud to serve alongside the most pro-union @POTUS in American history. https://t.co/NLLwzJmR6H
With the Inflation Reduction Act and Bipartisan Infrastructure Law investing billions into our communities, we must make sure that federal construction projects empower workers and raise labor standards. I applaud today's executive order which does just that. https://t.co/jZlVaEFaEV
The job isn’t finished—but it’s clear that the policies promoted by @POTUS are leading to a strong, resilient economic recovery. We’ll keep fighting to lower costs, create good-paying jobs, and invest in American families. https://t.co/oesZlzaePq
During my time in office, we've increased the amount of money students can get through MAP grants and the amount of scholarships. Now, every single student eligible for one can receive a grant. Investing in our kids is an investment we won't regret. https://t.co/1LZnATWPhr
Today, @POTUS announced a major step benefiting American workers! Project Labor Agreements will be required on federal construction projects valued above $35 million, moving projects funded by the Investing in America agenda faster and giving taxpayers better bang for their buck.
Authorizing a pay increase for our troops—the largest in some two decades—was one of the biggest wins from our bipartisan national defense bill. I look forward to this legislation becoming law so that we can keep supporting our servicemembers in Montana and around the world. https://t.co/tJ4Br6tXF4
Everyone expected a recession. The Fed and White House found a way out. The economy’s strength and stability — defying many of the most optimistic predictions — represents a remarkable development after seemingly endless crises. https://t.co/MIS5KmcuBI
THRILLED to join @GovWhitmer alongside many local leaders and elected officials for the signing of two bills to address clean drinking water needs for our schools and childcare centers, reduce public school debt, and invest in talent development. Michigan Democrats deliver. https://t.co/UDZVaG41Vt
Compared to widespread recession predictions at the start of the year, the White House is heading to 2024 w/: -- Real wages growing -- Economic growth strong -- Unemployment low -- Gas prices low -- Big progress on inflation -- Soaring stock market https://t.co/2vO9F3ooF3
Thanks to @POTUS for prioritizing education and making it more accessible to America’s children! We will keep pushing for a more affordable, comprehensive education to ensure the success of Michiganders at all ages. https://t.co/AsovBaIszm
THRILLED to join @GovWhitmer, SML @WinnieBrinks, Speaker Joe Tate, & community leaders for the signing of two bills to address clean drinking water needs for our schools & childcare centers, reduce public school debt, & invest in talent development. Michigan Democrats deliver. https://t.co/p7Gt8NfBHy
Last week, I voted to secure $72 million for Oklahoma military bases. The NDAA will support Oklahoma military families, defend national security interests, and provide necessary oversight of funding to ensure tax dollars are accounted for. Read more⬇️ https://t.co/JqIRPevRxN
When I was elected to serve #IA04, I swore an oath to protect & defend the Constitution. That oath includes my commitment to our men & women in uniform. That’s why I voted for the NDAA, which delivers the largest pay raise for our troops in 20 years. https://t.co/TsPcaVOktA
ICYMI: last week I was proud to vote to pass the NDAA. This bill included a 5.2% increase for our service men and women, and support for Ukraine, Israel, and Taiwan. This legislation also has $150M for HBCUs for R&D. I will always support our national security and common defense.
Everyone expected a recession. The Fed and White House found a way out. https://t.co/BtbA16H1ZH
Investing in workers and our nation's infrastructure helped sustainably rebuild our economy from the middle-out and bottom-up, and allowed our nation to recover faster than our peers. https://t.co/v9GXYJiRXM
ICYMI: last week I was proud to vote to pass the NDAA yesterday. This bill included a 5.2% increase for our service men and women, and support for Ukraine, Israel, and Taiwan. This legislation also has $150M for HBCUs for R&D. I will always support our national security.
The economy is ending 2023 in a remarkably better position than anyone predicted -- giving the Fed & WH a green light to *cautiously* note that they've been vindicated by developments dismissed as virtually impossible until v recently w/ @JStein_WaPo: https://t.co/JliJGZtxIE
.@HouseGOP the last thing we need in this post-pandemic world is education cuts. Michiganders, @HouseDemocrats are working to increase funding for K-12 and address teacher and school bus driver shortages. We want the best education for families possible!
.@playbookdc: “The White House this morning released a year-end memo” from @WHCommsDir “touting the Biden administration’s achievements, emphasizing progress related to the economy.” https://t.co/rsLw31XyjU https://t.co/f8RpqLfWZw
Here's what the market is pricing in for 2024 with the S&P 500 trading at 21.5x earnings and a VIX < 13 ✅ Soft landing ✅ No recession ✅ 5-7 rate cuts starting in March ✅ Double-digit EPS growth https://t.co/HlddZ8aHWk
As analysts, commentators, and journalists look back at the economy in 2023, the White House is out with its own offering, emphasizing that — contrary to many predictions 12 months ago — activity has remained robust while inflation has fallen sharply. https://t.co/F7fRf34hh3