Wall Street Calls Out White House Over ‘Unrealistic’ Economic Forecast
As Washington lays out its latest economic ambitions, a top voice from Wall Street is sounding the alarm.
David Kelly, chief global strategist at JPMorgan, has cast doubt on the White House’s 3% growth projection for the U.S. economy, calling it unrealistic in light of current structural limitations.
In a recent interview, Kelly emphasized that the fundamental engines of growth—labor force expansion and productivity—are not in a position to deliver such robust figures. He noted that aging demographics and slowing population growth, especially among working-age Americans, are dragging down the nation’s capacity for long-term acceleration.
Historically, the U.S. economy has grown at a more modest rate of around 2% annually, with only a fraction of that tied to increasing labor numbers. Kelly pointed out that, unless the country sees a major shift in immigration or a dramatic productivity surge, there’s little room for optimism beyond those numbers.
“It’s not about pessimism—it’s about arithmetic,” Kelly seemed to imply, underscoring that, without an influx of workers or a revolutionary leap in efficiency, 3% growth is more fantasy than forecast.
His remarks land at a time when the federal government is pushing a new economic plan tied to President Trump’s spending initiatives and tax strategies, still under debate in Congress. While the administration hopes these measures will unlock higher growth, JPMorgan’s outlook suggests the math tells a different story.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
