The Biden administration is using today’s spending in an effort to buy votes for the election seasons of 2022 and 2024.
The White House predicts a two-year growth boom of 5.2% in 2021 and 4.3% in 2022, as the country returns to normal after the pandemic and record amounts of government spending flood the economy to goose consumer demand.
the White House says growth will sink to 2.2% in 2023, and then average below 1.9% for the next eight years.
As the Wall Street Journal editors put it,
One is that 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. 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.”
Bread and circuses. And a clear illustration of the utter contempt President Joe Biden (D) and his fellow Progressive-Democrats have for us average Americans: he and his confreres think we’re just too grindingly stupid to understand this, or to remember it in those election years.