What you're not hearing about Biden's budget
Tuesday, June 1, 2021
$3.6 trillion in new taxes, $5.0 trillion in new spending, $1.4 trillion in new debt. And lower growth.
Update to Strategic View
The White House budget for fiscal 2022 calls for $3.6 trillion in new taxes, $5.0 trillion in new spending and $1.4 trillion in new debt. Yet estimated real GDP growth is forecasted to be only 18 bp per annum above the baseline, lower than the prior administration's last budget, and 38 bp below the era of "secular stagnation." When the White House's own forecast is for lower growth, this seems to be no way to "build back better."