The Congressional Budget Office CBO is self-billed as “nonpartisan.” How accurate that claim – and their track record for precision in projections – should merit its own report. Indeed, the CBO report released today and data from which is published below notes that it is based upon current conditions. New legislation, changes in what it calls the course of the “pandemic,” or other factors could cause it to move in a variety of directions.
That noted, Newsmax’s headline – without qualifications or explanations – reads [Congressional] “Budget Office Projects 4.6% Growth in Biden’s First Year.” Technically, that might be true. But it also leaves an arguably mistaken impression that it is former President Obama era VP Biden’s policies that would yield that outcome.
President Trump’s economic team promised last spring that there would be a “V-shaped recovery” from the COVID19 reconnected economic shutdowns and restrictions. That V-shaped recovery has held true in numerous more-conservative Republican controlled states, which were more targeted than some moderate GOP states or Democratic run jurisdictions. The sheer size of the California and New York economies means that economic restrictions in those states were a drag on the overall national economy. So too was House Speaker Nancy Pelosi holding up additional COVID relief for some 8 months.
Facts Matter. Historic performance matters.
It was not the Obama-Biden administration that witnessed the most robust economic growth in the 21st century. Nor was it the Bush-Cheney administration. Rather, it was the Trump-Pence Administration, as data cited by left-of-center CNN and the Washington Post, or right-of-center Fox Business demonstrated.
So, when President Trump said that if re-elected he had a plan that could generate 10 million jobs in 10 months, that had credibility based on previous performance. The Biden-Harris ticket is not even posturing that they could achieve something like that. Rather, they are promising programs and policies that experts say reward their base of billionaires and large left-leaning businesses while punishing the GOP base of smaller businesses and their employees.
The CBO projections and data will be our featured focus.
For the growing numbers of new readers, a few quick evening/nightly market report insights.
- Every business evening, MHProNews provides a bullet list of left-right news headlines from CNN and in a matter of moments, savvy professionals can see at a glance news headlines and views across the political spectrum.
- This is a time saving and insightful way to quickly grab insights from across the left-right divide for those who are hooked on this market-nightly feature.
- Our featured focus follows the quotable quotes, periodic political cartoons, those left-right headlines, and two of our three market summary graphics as reported at the closing bell.
- After the featured focus, are some recent/related report links and the third manufactured housing focused stock equities graphic. There are some additional items that include the free signup for the manufactured housing industry’s x2 weekly emailed news to the most-read trade publication in our profession:
On a night that most manufactured home connected equities rose along with the markets in general, let’s press ahead to those business-nightly features.
Quotes That Shed Light – Industry, American, Social, National Issues…
Headlines from left-of-center CNN Business
- Land rush
- Lots of people moved out of New York and California in 2020. Hear their stories
- American jobs won’t return to pre-pandemic levels until 2024, CBO says
- House panel launches probe into meatpackers’ coronavirus response
- Robinhood CEO details 3:30 am call to put up $3 billion
- Silver surges as Reddit army targets precious metals
- US stocks try to recover from worst week since October
- 1 big thing we still don’t know about the GameStop rally
- Millions of Ford vehicles will run on Google’s Android operating system starting in 2023
- Google investors seem to forget how much lawmakers want to rein in Big Tech
- When tech support is life or death: Family and strangers mobilize to get seniors vaccinated
- If you got unemployment last year, you might have a surprise at tax time
- Prince Harry wins ‘significant damages’ in legal dispute with UK newspaper
- Silver bullion bars.
- The GameStop frenzy is moving fast. Catch up here
- Nike made a hands-free shoe and you have to see it to get it
- Tesla Inc. Model S electric vehicles for sale outside a dealership at the Easton Town Center Mall in Columbus, Ohio, U.S., on Thursday, Jan. 7, 2021. The U.S. Census Bureau is scheduled to release retail sales figures on January 15.
- Tesla’s dirty little secret: Its net profit doesn’t come from selling cars
- FINANCIAL EMPOWERMENT
- How to get the most Covid financial relief when filing your taxes this year
- IRS: Tax filing season will start February 12
- On a budget? Here’s how to save money on groceries
- How to figure out where all your money is going
- Only 39% of Americans can afford a $1,000 emergency expense
- IN THE DRIVER’S SEAT
- A long line of unsold 2021 Highlander sports-utility vehicles sits at a Toyota dealership Sunday, Jan. 24, 2021, in Englewood, Colo.
- Toyota overtakes Volkswagen as world’s biggest automaker
- GM looks to sell only emission-free vehicles by 2035
- Tesla Model S adds rectangular steering wheel
- Americans are buying cars again
- Global chip shortage hits carmakers at worst time
Headlines from right-of-center Newsmax
- Dershowitz to Newsmax: Nobel Panel Must Give Kushner a ‘Fair’ Shake
- The noted attorney is the one who nominated Kushner for the coveted prize over his efforts under Trump to move the world toward Mideast peace.
- Related Stories
- Dershowitz: Abraham Accord Were 2020’s Biggest Move Toward World Peace
- Dershowitz to Newsmax TV: Media Cherry-Picks Trump’s Speeches
- The Biden Presidency
- Biden Asks Supreme Court to Cancel Asylum, Border Wall Arguments
- Biden’s Promised $1,400 Checks Are Even Dividing the White House
- Cotton: Biden’s Immigration Orders Will Have ‘Sweeping Effect’
- Biden Threatens Myanmar Coup Leaders With Sanctions
- Blinken Says Beijing ‘Falling Short of the Mark’ on COVID
- Blinken: ‘Deeply Disturbed’ by Russia’s Crackdown on Protesters
- US Calls on Myanmar’s Military to End Coup ‘Immediately’
- Variants Spreading in US Fan the Need to ‘Crush’ COVID-19 Quickly
- A COVID-19 mutation that likely confers partial resistance to the [Full Story]
- Study: Newborns Get COVID-19 Protection From Previously Infected Moms
- Biden Administration Approves $230M Deal for At-Home COVID Test
- Captain Tom Hospitalized After Testing Positive for COVID-19
- Chicago Mayor Lightfoot: We Have ‘Proof Positive’ Schools Are Safe
- Trump Names New Lawyers to Lead Impeachment Defense
- President Donald Trump on Sunday named new lawyers for his
- Blinken: Iran Could Be ‘Weeks’ Away From Materials for Nukes
- Iran could be a “matter of weeks” away from having enough fissile
- Monkey With Brain Chip Plays Video Games With Its Mind
- Elon Musk has revealed that one of his startup companies has managed
- US Calls on Myanmar’s Military to End Coup ‘Immediately’
- Secretary of State Antony Blinken early Monday called on Myanmar’s
- Taiwan: Chinese Fighters, US Aircraft in Defense Zone
- Six Chinese fighter aircraft and a U.S. reconnaissance aircraft
- Hawley: Dems Lie on Election Fraud to Grab Power
- Democrats are seizing the Republicans’ Electoral College
- Budget Office Projects 4.6% Growth in Biden’s First Year
- The Congressional Budget Office expects the U.S. economy will grow at a 4.6% annual rate this year, with employment returning to pre-pandemic levels in 2024.The 10-year outlook issued Monday said the economic recovery…
- Warren Urging SEC To ‘Grow A Backbone,’ ‘Fix’ Wall Street Trading
- US Manufacturing Activity Slows; Construction Spending Increases Solidly
- Silver Is the New GameStop: Price Boosted by Online Movement
- Ex-Googler Turns Virtual Gifts Into a $61 Billion Business
- How Effective is the First COVID-19 Shot?
- The Pfizer and Moderna COVID-19 vaccines offer some immunity after the first dose, but the clinical trials suggest you need that second dose to achieve maximum protection. Studies have shown that the Pfizer vaccine offers at least 52%…
- Study: Race a Factor in Food Allergies
- Study: Fat Loss in Face Makes People Look Older
- Study: Omega-3 From Fish Can Reduce Asthma Risk in Kids
- How Seniors Can Exercise Without a Gym
Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…
Featured Focus –
Where Business, Politics and Investing Can Meet
According to the Congressional Budget Office – Projection for 2021 is 4.6% Growth
The Economic Outlook for 2021 to 2025 In CBO’s projections, which incorporate the assumptions that current laws governing federal taxes and spending (as of January 12) generally remain in place and that no significant additional emergency funding or aid is provided, the economy continues to strengthen during the next five years.
Real GDP expands rapidly over the coming year, reaching its previous peak in mid-2021 and surpassing
its potential level in early 2025. The annual growth of real GDP averages 2.6 percent during the five-year
period, exceeding the 1.9 percent growth rate of real potential GDP (see Figure 1).
- Labor market conditions continue to improve. As the economy expands, many people rejoin the civilian labor force who had left it during the pandemic, restoring it to its prepandemic size in 2022.
The unemployment rate gradually declines throughout the period, and the number of people employed returns to its prepandemic level in 2024.
- Inflation, as measured by the price index for personal consumption expenditures, rises gradually over the next few years and rises above 2.0 percent after 2023, as the Federal Reserve maintains low interest rates and continues to purchase long-term securities.
- Interest rates on federal borrowing rise. The Federal Reserve maintains the federal funds rate (the rate that financial institutions charge each other for overnight loans of their monetary reserves) near zero through mid-2024 and then starts to raise that rate gradually. The interest rate on 3-month Treasury bills closely
CBO’s projections of economic growth have been boosted by various laws enacted in 2020. Most recently, in late December, the Consolidated Appropriations Act, 2021 (Public Law 116-260), appropriated funds for the remainder of fiscal year 2021, provided additional emergency funding for federal agencies to respond to the public health emergency created by the pandemic, and provided financial support to households, businesses, and nonfederal governments affected by the economic downturn, among other measures. CBO estimates that the pandemic-related provisions in that legislation will add $774 billion to the deficit in fiscal year 2021 and $98 billion in 2022.3 Those provisions will boost the level of real GDP by 1.5 percent, on average, in calendar years 2021 and 2022, CBO estimates; the bulk of the impact will occur in 2021.
The entire CBO projections document published for February 2021 is found at this link here.
MHProNews Analysis in Brief.
Frankly, the likelihood is that this projection will quickly be rendered moot. So why publish it?
In a phrase, to document accountability and performance.
Compare and contrast the Biden-Harris asks from Congress vs. the package that Senate Republicans are asking for instead. See that in the Newsmax graphic, above.
When the CBO says that the economy is already on the path to recovery, it makes it clearer that the lion share of the Democratic bill is to reward their allies. Time will tell. MHProNews knows a thing or two about Economics 101 and economic history. Stay tuned, because we will look back at this data.
Related, Recent, and Read Hot Reports
Manufactured Housing Industry Investments Connected Closing Equities Tickers
Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.
- NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
- NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
- NOTE: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm. Thus, there is still periodic activity on DVLY.
MHProNews. MHProNews – previously a.k.a. MHMSM.com – has celebrated our 11th year of publishing, and is starting our 12the year of serving the industry as the runaway most-read trade media.
Sample Kudos over the years…
Learn more about our evolutionary journey as the industry’s leading trade media, at the report linked below.
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Disclosure. MHProNews holds no positions in the stocks in this report.
That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHLivingNews.com.
Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position, and may or may not reflect the views of sponsors or supporters.