Important to note that CBO isn't saying that we're nearly fully recovered by end 2021. It says we're nearly back to pre-pandemic levels (just 2% below). Of course, the economy would normally grow 2% per year over those 2 years.
Implies output will still be 6% lower due to covid.
Implies output will still be 6% lower due to covid.
These forecasts imply that five days before the election the BEA will publish Q3 GDP as growing at an annualized rate of >20%, an all-time high quarterly growth rate.
(Also true: Output will still be 8% below 2019 levels and we'll have double-digit unemployment.)
(Also true: Output will still be 8% below 2019 levels and we'll have double-digit unemployment.)
