Biden’s Budget Proposal Shows Massive Spending Will Yield Tepid GrowthEpoch Times, United States politics | The Epoch Times

WASHINGTON— President Joe Biden released on May 28 his budget proposal for next year, which showed a modest economic growth projections over the next decade. Biden’s $6 trillion budget plan for fiscal year 2022 calls for increased spending on infrastructure, education, childcare, and clean energy. The significant jump in spending reflects his earlier announced infrastructure and social welfare packages—the American Jobs Plan and the American Families Plan. The budget blueprint predicts a strong rebound from the pandemic-induced recession in the next two years, showing 5.2 percent and 4.3 percent growth rates for the gross domestic product (GDP) in 2021 and 2022, respectively. However, the White House expects the growth to slow down to 1.8 percent or 1.9 percent generally for the rest of the decade before it reaches 2 percent in 2030 and 2031. A tepid growth outlook for the administration’s “Build Back Better” agenda has disappointed media outlets. They …Read More

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