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The Biden administration sees a strong economic rebound in the cards. What’s forecasted afterward is less exciting.

President Joe Biden revealed his budget proposal for the 2022 fiscal year on Friday, laying out his plan to spend roughly $6 trillion on child care, clean-energy initiatives, and infrastructure improvements — and laying out a set of forecasts for US gross domestic product over the next several years.

The near-term estimates are promising. Biden sees GDP expanding 5.2% in 2021 and 3.2% in 2022, handily exceeding the annual growth seen just before the COVID-19 crisis.

But if the so-called Biden details ⇒

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