Budget office projects 4.6% growth in Biden's first year

[Zorro]

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 from the coronavirus has been boosted by an unprecedented wave of government spending to combat the outbreak, such that growth could pass its maximum sustainable level in early 2025 before returning to a long-run average of 1.7%. Based on the CBO’s projections, economic growth would be the strongest since 1999.

Congress has spent $4 trillion to keep the economy stable since the pandemic shuttered schools, offices, restaurants, gyms and other businesses, leading to roughly 10 million job losses and an economic decline of 3.5% last year.

The CBO estimates factored in the roughly $900 billion approved in December, but they excluded President Joe Biden’s $1.9 trillion plan because the projections are based on current law.

https://www.sandiegouniontribune.com/business/nation/story/2021-02-01/budget-office-projects-4-6-growth-in-bi dens-first-year

That's good news for the country.

[Johnny2X2X]

1. This is going to really bother Reps

They'll try to take credit for it, but Biden will get the Lion's share of it.

And from a purely political stand point, boy is Biden set up for success(in comparison) on both Covid and the economy. The recession was severe, but he's got a mandate for a huge stimulus that should end it quickly and return to growth (4.6% for the year would be incredible).

On Covid, the new variants are scary, but so far cases are dropping steadily for almost a month, he's getting the vaccine effort really ramped up, and probably 1/3 of the country has some immunity to Covid now. I think we come out of this in the Summer mostly and Joe gets the Lion's share of the credit.

This is purely a political take, of course I wanted the economy to get better sooner, under Trump even. And of course I wish the pandemic had never got so bad. I'd be much happier if Trump had handled the virus well and was viewed as the hero of it because that would mean hundreds of thousands of less dead.

Disclaimer: I'm of the opinion that Biden was going to win with or without the pandemic.

[Midnight Writer]

2. Too bad we don't have the TV/radio/internet presence to repeat this 30 times a day.

Because the conservatives will be using theirs to lie about it 30 times a day.