STATEMENT: CAP Economist Michael Madowitz on Federal Reserve Economic Projections
The new projections from the Federal Reserve confirm that President Joe Biden’s economic agenda has already taken hold, helping to turn the struggling economy he inherited into a growing one where everybody can benefit.
American families have seen tax cuts to make ends meet, and health care has become more affordable for millions, while competent government has finally addressed the pandemic that was holding us back. The myth that tax cuts for the wealthy and corporations are the secret to growth has been debunked, and the path to sustained growth that continues to benefit everybody has been laid out in President Biden’s jobs plans. Arguments against those proposals based on inflation are also misplaced, as these long-term and long-overdue investments will support workers and the economy by increasing potential growth—not short-term, demand-side stimulus.
Rather than allow gridlock and obstruction to create another unnecessarily prolonged and painful recovery as happened after the Great Recession, Congress should pass President Biden’s plans into law and seize this opportunity to usher in a stronger economy for decades to come.
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