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Posted by: Michael Mandel on February 27
I’ve harped over and over again about the importance of health and education as a driver of growth, in both hiring and spending. Taken together, health and education equals 25% of GDP, and growing.
Obama’s budget just drives that home. Like the stimulus package, the 2010 budget puts an emphasis on health and education. Just two examples: The budget includes $630 billion for health care reform over the next ten years, on top of existing money. In addition, Obama is proposing making the Pell Grants part of the mandatory part of the budget. Education becomes essential rather than discretionary.
Health and education are the floor for the economy going forward.
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.