Fed’s Kaplan Is Not Assuming Fiscal Reform in Forecast

The speaker discusses the approach to fiscal forecasting without considering fiscal or structural reforms, highlighting both potential positive and negative impacts of various policies. Positive aspects include regulatory reviews and infrastructure spending, while challenges arise from health care and immigration policies. The speaker emphasizes the need for policies that address workforce growth and immigration to support GDP growth. The approach is to make forecasts based on current conditions and adapt as policies are enacted.

What role does immigration play in the discussion about GDP growth?

How does the speaker propose to approach forecasting in light of changing policies?