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Schumer. Photo: Alex Wong/Getty Images

Senate Majority Leader Chuck Schumer (D-N.Y.) on Wednesday will release a report by Moody’s chief economist Mark Zandi to push back on GOP attacks, arguing that the bipartisan infrastructure deal and Democrat-only social-spending package would help the economy.

Zandi writes, in excerpts provided to Axios: "Greater investments in public infrastruc­ture and social programs will lift productivity and labor force growth, and the attention on climate change will help forestall its increas­ingly corrosive economic effects."

  • Zandi says the policies "would direct the benefits of the stronger growth to lower-in­come Americans and address the long-run­ning skewing of the income and wealth distribution."
  • Failing to pass the legislation, Zandi says, "would certainly diminish the economy’s prospects."

Zandi contends that inflation concerns are "overdone," since "much of the additional fiscal support ... is designed to lift the economy’s longer-term growth potential and ease inflation pres­sures."

  • "The legislation, he says, would "strengthen long-term economic growth, the benefits of which would mostly accrue to lower- and middle-income Americans."
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Go deeper

Dan Primack, author of Pro Rata
Sep 27, 2021 - Economy & Business

Economists set 2021 sights lower

Business economists have tempered their 2021 growth expectations, cutting nearly a point off their annual GDP forecast since earlier this year, according to the NABE outlook survey released Monday.

Why it matters: This reflects increased concerns over the pandemic's impact on the economy, particularly due to the spread of Delta and other variants. Panelists said that a faster vaccine rollout could improve their outlooks.

2 hours ago - Technology

3D printing's next act: big metal objects

Chief Scientist Andy Bayramian makes modifications to the laser system on Seurat's 3D metal printer. Photo courtesy of Seurat Technologies.

A new metal 3D printing technology could revolutionize the way large industrial products like planes and cars are made, reducing the cost and carbon footprint of mass manufacturing.

Why it matters: 3D printing — also called additive manufacturing — has been used since the 1980s to make small plastic parts and prototypes. Metal printing is newer, and the challenge has been figuring out how to make things like large car parts faster and cheaper than traditional methods.

Rising rates may hammer the stock market

Illustration: Sarah Grillo / Axios

Stocks are much more vulnerable to interest rate swings than they used to be.

Why it matters: A sharp rise in rates in early 2022 is the key reason the stock market is off to an ugly start. And with the Federal Reserve making noise about trying to keep inflation in check, rates could go higher.