The UK is set to see a sharp slowdown in economic growth as the mounting supply chain crisis and staff shortages threaten to derail Britain’s recovery, according to a major business group. The British Chambers of Commerce (BCC) warned there was also a “real danger” the government’s health and social care levy could further stifle…
Supply Chain Crisis Threatens to Derail UK Recovery Says Business Group
US Economic Growth Estimate Sees Boost as Commerce Dep’t Revises 2nd Quarter GDP Number
The American economy grew a little faster in the second quarter of 2021 than previously estimated, with the Commerce Department lifting its growth rate projection to 6.6 percent. U.S. gross domestic product (GDP) grew 0.1 percentage points faster in the second quarter than the Commerce Department’s earlier estimate of 6.5 percent, the government agency said…
Bipartisan Infrastructure Bill to Give ‘No Significant’ Boost to Economy: Wharton Study
August 6, 2021
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An expert analysis shows that the $1 trillion bipartisan infrastructure bill now winding its way through the Senate would have “no significant effect” on economic growth, delivering a counterpoint of sorts to the White House view that the deal “will generate significant economic benefits.” The University of Pennsylvania’s Penn-Wharton Budget Model (PWBM), released Aug. 5,…
Disappointing Growth Shows Diminishing Return of Stimulus
Commentary The U.S. economy recovered at a 6.5 percent annualized rate in the second quarter of 2021, and gross domestic product (GDP) is now above the pre-pandemic level. This should be viewed as good news, until we put it in the context of the largest fiscal and monetary stimulus in recent history. With the Federal…
GDP Grew at 6.5 Percent In 2nd Quarter, Well Below Expectations
New government figures show that the U.S. economy expanded at a far slower pace in the second quarter than economists predicted, though real gross domestic product (GDP) surpassed its pre-pandemic high, cementing the V-shaped recovery. Gross domestic product (GDP) rose at a 6.5 percent annualized rate last quarter, the Commerce Department said in a release…
What Does the New White House Budget Say About Where Biden Intends to Take America?
June 16, 2021
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Commentary The budget recently released by the Biden White House for fiscal 2022 and the ten years following says a lot about where this administration intends to take the country. Two things in particular stand out. The president clearly wants to enlarge the role of government in the economy. At times in the past, Washington…
Biden’s Infrastructure Plan Would Be a Drag on Economic Growth: Tax Foundation
June 5, 2021
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The combined tax and spend features of the Biden administration’s proposed infrastructure package—the American Jobs Plan (AJP)—would lead to weaker economic growth and fewer jobs, a tax policy think tank estimates. The Washington-based Tax Foundation, a nonpartisan group that often subjects high tax policies to critical scrutiny, said in a new analysis that the AJP would shave…
Biden’s Budget Proposal Shows Massive Spending Will Yield Tepid Growth
WASHINGTON— President Joe Biden released on May 28 his budget proposal for next year, which showed a modest economic growth projections over the next decade. Biden’s $6 trillion budget plan for fiscal year 2022 calls for increased spending on infrastructure, education, childcare, and clean energy. The significant jump in spending reflects his earlier announced infrastructure…
New Report Paints Dire Picture for Post-COVID Recovery Due to Increased Spending, Bigger Government
The increased size of government coupled with unprecedented spending in response to the pandemic could serve to hinder economic recovery efforts, according to a new report. Moreover, based on the growth of government in relation to per-person spending and the size of the economy, further excessive expansion of government post-COVID could impede prosperity for Canadians…
The Berenstain Bears Could Curb the ‘Stimulus’ Crowd’s Enthusiasm
March 19, 2021
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Commentary “Besides,” added Papa, “sometimes the price of things goes up, like gas. The price of gas for our car went up twenty cents just last week! Maybe the same thing happens with teeth.” – Jan & Mike Berenstain, “The Berenstain Bears and the Tooth Fairy,” p. 8. Sister Bear has just lost a tooth. It had…
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