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How Bidenomics could boost the economy

Joe Biden’s fiscal policy proposals would provide the US economy with a booster shot as it recovers from the Global Coronavirus Recession. While his $4tn tax increase proposal and his $7tn spending blueprint wouldn’t pass the Senate, we recalibrated a “Biden-lite” proposal that could. We estimate such a compromise package would boost GDP growth by 2.1ppts to 5.8% in 2021, allowing the economy to regain its Covid-related output loss by mid-2021.

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