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Joe Biden is riding a wave of optimism following the passage of his $1.9trillion (£1.4trillion) fiscal package.  There may be more to come should the White House manage to steer proposals for a further £1.44trillion of climate change and infrastructure spending through a Congress jittery about debt levels. As the International Monetary Fund’s spring World Economic Outlook makes clear, the US spending and cash splurge of £3.6trillion and still counting is a gift to output in the advanced world. Deep pockets: Joe Biden is riding a wave of optimism following the passage of his $1.9trillion fiscal package The Fund, which was in despair about global prospects a year ago, has lifted its global growth forecast to 6 per cent this year and 4.4 per cent in 2022.

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