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    Economists lower US growth forecast for 2022 after BBB program is thwarted

    Democrat Joe Manchin has stated that he cannot support US President Joe Biden’s ambitious $ 1.75 trillion “Build Back Better” (BBB) ​​proposal to expand social safety nets and tackle climate change. After a recent statement, some economic experts expect the US economy to grow. The US government is facing criticism amid a surge in COVID-19 infections.

    Goldman Sachs has lowered its gross domestic product (GDP) growth forecast for next year. “If the BBB isn’t legislated, and if it’s hit by another serious wave of pandemics, the economic recovery can easily get bogged down,” said Mark Zandi, chief economist at Moody’s Analytics.

    One change that economists say could slow growth is to send families a monthly payment of up to $ 300 per child, but with an enhanced tax credit that will expire on December 31st. It is a reduction.

    Some experts said in 2022 after Democrat Joe Manchin stated that he could not support US President Joe Biden’s “better build” proposal to expand social safety nets and tackle climate change. We expect the US economy to grow in slower places. The US government is facing criticism as COVID-19 infections surge.

    Goldman Sachs researchers may decide next year that lawmakers will pass a revised version of Biden’s spending bill or extend credit retroactively, but negotiations could take weeks. I have.

    Earlier this month, economists predicted growth would slow as the rise provided by previous spending programs diminished and the Federal Reserve reduced monetary policy adjustments in the face of high inflation.

    Goldman Sachs also said the apparent end of Biden’s spending review would put risks to the Fed’s expectation of the first rate hike in March.

    Fiber2Fashion News Desk (DS)

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    Economists lower US growth forecast for 2022 after BBB program is thwarted

    Source link Economists lower US growth forecast for 2022 after BBB program is thwarted

    The post Economists lower US growth forecast for 2022 after BBB program is thwarted appeared first on Eminetra.

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