ONE BIZARRE DETAIL FROM BIDEN’S $6+ TRILLION BUDGET PROPOSAL WAS JUST EXPOSED:
As reported by the Journal, Biden’s budget projects that growth will surge to 5.2 percent in 2021 and 4.3 percent in 2022. Those numbers are strong. But then, by the White House’s own admission, growth will fall to 2.2 percent in 2023 and slump to around 1.9 percent for the rest of the decade. These levels are bleak, not the roaring revival Biden has promised.
“The White House is essentially conceding that all of its unprecedented monetary and fiscal stimulus really is living for today with little regard for the future,” the Journal’s editorial board writes. “It implicitly concedes that the growth it spurs now will have to be paid back later in the form of higher taxes or tighter monetary policy, which might reduce growth. This is the definition of a ‘sugar high.’”
“This contrasts with genuinely pro-growth policies, which seek to create the circumstances for long-term prosperity,” they conclude. “They create better permanent incentives to work and invest.”
Those are awfully anemic numbers for what could be the presidential run of Kamala Harris. If indeed, she’ll even be running: The Abuse of Kamala Harris.
Harris’s visibility on issues that Democrats believe are central concerns for the communities of color on whom they depend for electoral successes is no accident. But setting the vice president up for failure after failure at the expense of her viability within the Democratic Party would seem to trade short-term gain for long-term misfortune. That is, if Harris really is the heir apparent that so many presume her to be.
But then economic growth and stability don’t seem high on the list of goals for the current president –cough — Ron Klain –cough –: As Biden fights US fuel production, American workers and consumers will suffer.
Of course, it’s not like Biden himself believed in a strong stable economy, even when (more of) his gears were working: Milton Friedman’s Revenge.
