Two cheers for modest economic growth. Three for Biden’s honesty about it.
For their part, Biden aides have halfheartedly resisted such criticisms. They note that the protracted budgeting process required calculating economic growth forecasts in February — that is, before Biden’s infrastructure and family proposals were fully developed, and when the covid-19 recovery looked more uncertain. In a call with reporters Friday, Council of Economic Advisers Chair Cecilia Rouse suggested that staff forecasts might be more optimistic if calculated today. She also pointed out that even small increases in annual growth rates, when compounded, can have large cumulative effects.