Biden’s Budget Sees Low Inflation, Rising Debt and Slow Economic Growth

Automatic TRANSCRIPT

Lots happening this week and lots happening in the next couple of weeks and months. Ed so let us discussing the. Richardson is at adp. Linette lopez is at business insider. Everybody everybody is really just the three of us Okay so look. Neil let me start with you and i know preface the question by observing that. The white house today as expected dropped. The president's budget request For the coming fiscal year six trillion dollars. A lot of money will get into that. I wanna talk though about His projections the white house. Economists projections really for economic growth. In the out years two percent which is not as robust as say the prior administration had been thinking the economy would grow. Why do you think they're being conservative like that. Because it's the truth. Actually it's revocation. And all i know i know truth but it is the gravitational pull of the economy. Look let's set aside the post pandemic recovery. 'cause that's a story in itself. Ten years of expansion before the pandemic was at an average pace of two point three percent the power of that longest expansion in us history had been. It's slow growth. Low inflation characteristics once we get through this recovery. That's exactly right back to where we're going. Slow growth in the out years around two percent and even further out maybe one and a half percent that is the trajectory unless we make some interesting investments that will pay off long term.

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