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One Thing Missing From the Biden Budget: Booming Growth
For all the administration’s focus on transformational policies, it’s not forecasting an outburst of economic potential.
Closed storefronts in Lower Manhattan last month. Credit.Gabby Jones for The New York Times
May 28, 2021Updated 1:53 p.m. ET
President Biden’s budget proposal includes billions of dollars for clean energy, education and child care ideas being sold for their potential to increase America’s economic potential. One thing it does not include: an outright economic boom.
In the assumptions that underpin the administration’s budget, G.D.P. growth is strong in 2021 and 2022 but strong enough only to return the economy to its prepandemic trend line, not to surge above the trajectory it was on throughout the 2010s.