Experts Raise Alarm Over 'Fiscal State of the Union' Ahead of Biden's Speech
The report said experts point to policy “missteps” as a key factor.
President Joe Biden is expected to deliver the State of the Union address Tuesday evening, and economic and fiscal policy experts are raising the alarm about the fiscal state of the nation.
The National Association for Business Economics (NABE) released its economic growth projections for the next quarter and downgraded their forecasts.
"NABE panelists have downgraded their forecasts for economic growth in 2022,” the report said. “The median forecast for inflation-adjusted gross domestic product (real GDP) growth from the fourth quarter (Q4) 2021 to Q4 2022 is 2.9% – down from the 3.6% forecasted in the December 2021 Outlook Survey. In general, panelists anticipate further deceleration in GDP growth in 2023: the median forecast calls for GDP growth of 2.3%.”
The report said experts point to policy “missteps” as a key factor.
“Thirty percent of panelists identify monetary policy missteps as the greatest...