ECONOMISTS, ADVISORS, AND ELECTED LEADERS ACROSS THE BOARD: WE MUST GO BIG ON COVID RELIEF, STIMULUS

From the 77% of Americans who support another stimulus package to the consensus amongst economists, former presidential advisors, and elected leaders across the political spectrum, it’s never been clearer why our nation needs a robust economic stimulus package.

Federal Reserve Chairman Jerome Powell and former Federal Reserve Chair Janet Yellen agree: now is not the time to think small.

Today, more than 200 members of the Obama administration, including a number of former Cabinet secretaries, signed onto a letter organized by Invest in America Action calling for a bold stimulus package.

Here’s what economists and presidential advisors are saying about the need to go big on economic stimulus:  

“Additional fiscal support could be costly, but worth it if it helps avoid long-term damage and leaves us with a stronger recovery.”
— Jerome Powell, Federal Reserve Chair

“State and local governments provide essential services, as we all know […] It will hold back the economic recovery if they continue to lay people off and if they continue to cut essential services. In fact, that’s kind of what happened post the global financial crisis.”
— Jerome Powell, Federal Reserve Chair 

“This is really an urgent need and we need to act big.”
— Janet Yellen, Treasury Secretary and former Federal Reserve Chair

“To continue to provide services that its citizens need and to avoid severe budget and employment cuts that will drag down the economy, states and localities need more federal help. Providing that help is in everyone’s interest.”
— Ben Bernanke, Former Federal Reserve Chair 

“Far better to run the risk of needing some monetary tightening a year from now than risking an inadequate plan that repeats the mistakes of 2009.”
— Paul Krugman, Nobel laureate and Distinguished Professor of Economics at the Graduate Center of the City University of New York

“The idea that we should pare back now, out of a future fear that maybe we might possibly do too much, just doesn’t seem consistent with the economic evidence we have in front of us.”
— Heather Boushey, Member of the White House Council of Economic Advisers

“We have to go big and bold to finally put this crisis behind us [..] the risks of going too small are much greater [than of] doing too much.”
— Jared Bernstein, Member of the White House Council of Economic Advisers

“Absolutely [in favor of the $1.9 trillion proposed American Rescue Plan]…The idea that you shouldn’t act right now is not consistent with the real time data…I would 100% support additional checks to people.”
 Kevin Hassett, Former Economic Advisor to President Trump and former advisor to Sen. Romney 

“One lesson from the financial crisis is that you want to be careful about doing too little.”
 Glenn Hubbard, Former Economic Advisor to President George W. Bush and Sen. McCain

“[President Biden’s $1.9 trillion recovery package] marks a welcome break from mistakes made in past downturns, such as the Great Recession. It is critical that the incoming Biden administration and Congress work to pass this important relief and recovery measure.”
— Josh Bivens, Director of Research at the Economic Policy Institute 

“If we don’t go big, we are going to pay for it for years and years… My concern about a backslide is getting more serious everyday.”
— Claudia Sahm, Director of Macroeconomic Policy at the Washington Center for Equitable Growth

“President Biden’s $1.9 trillion American Rescue Plan—with its critical public health investments to beat COVID-19, its aid to help struggling families, and its assistance to states, localities, tribes, and territories—is an appropriate scale of new spending under current conditions.”
— Rebecca Dixon, Executive Director at the National Employment Law Center; Thea Lee, President of the Economic Policy Institute; Sharon Parrott, President of the Center on Budget and Policy Priorities; John Podesta, Founder and Chair of the Board of Center For American Progress; Felicia Wong, President and CEO of the Roosevelt Institute 

“We mayors — a Democrat in St. Petersburg and a Republican in Miami — need President Biden’s American Rescue Plan to save our communities”
— Rick Kriseman and Francis Suarez, Mayors of St. Petersburg and Miami

“Our nation needs to step up in a bigger way, and move forward, and that’s all there is to it.”
— Jim Justice, Governor of West Virginia

“We applaud [President Biden’s $1.9 trillion recovery package] focus on vaccinations and on economic sectors and families that continue to suffer as the pandemic rages on.”
 U.S. Chamber of Commerce

“Bold public spending only way to recover better from COVID-19.”
— United Nations Conference on Trade and Development

Economic prognosticators agree: President Biden’s American Rescue Plan would boost the economy while accelerating recovery: 

 

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