Posted on 02/01/2021 8:37:15 AM PST by Oldeconomybuyer
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.
While the growth estimates suggest a quick snapback in gross domestic product, the CBO shows that hiring will occur at a lag as consumer spending returns and employers become more comfortable with adding workers.
The CBO cautioned that its projections are highly uncertain, in large part because of the pace of the vaccinations and the risk of new variations of the coronavirus. A faster vaccination process — the goal of both aid proposals — would help hiring and growth.
(Excerpt) Read more at apnews.com ...
Perhaps, for the DC Metro area.
Cool, so if expectations aren’t met 3 years away they can just say that it was a projection.
That’s new to Joe and Harris plans to put the out of work people to work clearing abandoned mines in Virginia ,LOL
But there is NO growth uncertainty due to an anti-American, anti-Business, anti-Energy, anti-Law & Order President? Right.
There is no way he gets anywhere near that number
Sure thing, but actually they made a small typo - it should have been 14.6%. You just can’t get good help anymore.
We should all place bets today on what the 2021 growth will be when all the final revisions and adjustments are made around April 2022.
I’ll take 0.9%
Saw a clickbait in a sidebar a little while ago that even said “6.6% growth predicted.”
So....
Communists take over, buddy up to certain kissup CEOS (Nike, et al.) as “partners” with the new government. The small businesses are crushed. The consumer will pay more or whatever the government demands (no capitalist competition allowed).
And this results in glorious growth?
So it looks like freedom, innovation, product improvement, competition, individual entrepreneurship and capital risk for gain by giving value to the consumer was all a bad idea? /SARC
And we all know how accurate their projected models are.......................
I’ll take the under on that, for every cent I possess.
Wow! Just in time for the 2024 election!
Wanna bet we’ll never hear the end of “how great the economy is doing under Biden/Harris (even though growth is negative) or “how Biden/Harris have “unprecedented” job growth (even though unemployment is at 12%, down from 12.2% from 2023)?
The CBO is back to their old tricks. They painted roses with Obama, pushed thorns with Trump until the success was undeniable (even then still revised upwards all the time), and now they are back to roses with Biden.
Another “institution” among many that you cannot trust.
The virus has been bad enough on the economy given the draconian and hysterical response. You can now add in the green policies with increased regulation, taxes, minimum wages, etc, and the economic forecast is decisively negative.
We have still not felt the full repercussions of last year economically and that would have been the same under Trump also, but Biden Inc is adding a lot of increased stressors to the economy at exactly the wrong time.
> The CBO cautioned that its projections are highly uncertain... <
That’s the great thing about being an economist. You can say pretty much whatever you want.
I really should have majored in economics rather than in chemistry. Chemistry constrained me! I couldn’t just make up stuff about reactions. (Well, I guess I could have. But then I wouldn’t have lasted long in the discipline.)
They also predicted that Obamacare would reduce the deficit.
LOL!! More like .46%
for who? China maybe or maybe it is just for Biden’s family....who knows
He’s not going to have a first year. Maybe a first quarter.
Or learning how to code.
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