CBO projects 4.6% growth in Biden's first year, jobs lag
Based on the CBO's projections, economic growth would be the strongest since 1999. While the growth estimates suggest a quick snapback in gross domestic product, the CBO projection shows that hiring will occur at a lag as consumer spending returns and employers become more comfortable with adding workers. CBO projected an average of 521,000 jobs will be added monthly this year, a pace that would fall to 145,000 in 2022. Biden's supporters can point to the CBO's projection of a three-year recovery in hiring as a need for more aid. A separate measure of economic growth in the CBO report that compares the fourth-quarters says growth would be 3.7% this year, a partial reflection of some of the gains that have already occurred in the middle of last year.