In the proposed 2023 $5.8 trillion federal budget, President Joe Biden and his administration published inflation, GDP, and deficit forecasts for the next ten years. The consumer price index is projected to clock in at 4.7 percent this year and 2.3 percent in 2023, according to the White House. Nominal GDP is expected to rise 7.6 percent in 2022 and 5 percent next year, while the real (inflation-adjusted) nominal GDP is anticipated to grow 4.2 percent and 2.8 percent. White House inflation and GDP projections are more generous than estimates from the Federal Reserve and private economists. At this month’s Federal Open Market Committee (FOMC) policy meeting, the central bank trimmed its median change in real GDP to 2.8 percent in 2022 and 2.2 percent in 2023. Others have revised their GDP forecasts downward, too. Although a recession is not the base case, the odds of an economic downturn have …