The Spending Is the Point, part 2

Source: Commentary
by Noah Rothman

“Biden’s budget assumes a lot. It assumes Congress will pass both its massive spending proposals and dramatic tax hikes targeting both corporations and individuals. It assumes a substantial level of deficit spending, leaving the government to run a nearly $2 trillion annual deficit. But it doesn’t assume that this will produce economic growth. Instead, Biden’s aides estimate that the economy would grow at under 2 percent per year for much of the decade — roughly the rate at which the economy somehow managed to grow in the 2010s without World War II-era levels of public sector spending.” (06/01/21)