The White House on Tuesday issued a budget update that foresees slower economic growth and higher inflation than predicted earlier this year along with narrower deficits in the near term.
They say the debt will be a little over 1 trillion for this year. That doesn’t count the 1 trillion they passed in the last two bills. In its annual mid-session review, the White House Office of Management and Budget said that the economy would grow by 1.4%, adjusted for inflation, from the fourth quarter of 2021 to the fourth quarter of this year. Growth in 2023 is now predicted to be 1.8%. Both figures are sharply lower than the 3.8% and 2.5% growth forecast for this year and next as part of the March publication of President Joe Biden’s fiscal year 2023 budget proposal.
But you have loons out there saying how we’re in happy days and the economy is doing great. Oh my!