The already-under-way cutback of the federal government’s budgetary support may have a big impact on economic growth next year.
Many items destined for retailer shelves this holiday season are hopelessly snarled in the global supply chain. What does that mean for shoppers?That will be the case even if President Biden manages to win congressional approval for the bulk of his $3.5-trillion “
She’s not alone in forecasting a steep slowdown. Jan Hatzius, chief economist at Goldman Sachs Group Inc., expects the U.S. to be expanding at a 1.5% pace by the end of next year, down from 5.7% over the course of 2021. It could also spell trouble for Biden and his fellow Democrats in Congress, as they seek to retain slim majorities in November 2022’s mid-term elections — especially if it’s accompanied by a rise in unemployment, though most economists don’t expect one.
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