Yes, It’s Still the Economy, Stupid

Swing voters dislike big spending. The GOP can’t focus only on the culture war.

Wonder Land: Teaching "systemic racism" was imposed on students, until politics pushed back. Images: AP/Everett Collection Composite: Mark Kelly

President Biden proposes a $6 trillion budget he claims “will strengthen our nation’s economy and improve our long-run fiscal health.” His acting Office of Management and Budget director, Shalanda Young, told reporters the budget seeks “robust, durable economic growth and broadly shared prosperity.” The numbers tell a different story, and voters seem to be taking notice.

The U.S. expects strong growth in the short term as the pandemic recedes and economic activity resumes. But even the OMB expects slower growth in the long run. It projects gross domestic product growth running slightly over 2% on average annually between fiscal 2022 and 2031, while the nonpartisan Congressional Budget Office pegs growth at less than 2% on average over the same window. Either growth rate is anemic, making more “broadly shared prosperity” unlikely as well.

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