WHAT THEY’RE SAYING: BIDEN’S BIG, BOLD RESCUE PLAN IS ESSENTIAL FOR U.S. RECOVERY
David Brooks: “When your great nation is facing decline…you don’t just sit there. You try something big.”
Widespread consensus continues to increase in favor of going big with President Joe Biden’s American Rescue Plan.
Here’s what they’re saying:
Gene Sperling, Financial Times: Gene Sperling: Joe Biden’s $1.9tn plan is necessary as economic recovery insurance
“The US cannot always justify going “big” just to buy insurance against the unexpected. Yet what is unique about this moment is the combination of how high the benefit is of taking out such economic recovery insurance with how inexpensive it would be to purchase.”
The Wall Street Journal: Markets Don’t Think Biden’s $1.9 Trillion Covid Relief Is Too Much
“It would hurt. But raising rates is a tried and tested way to hold down inflation. It is better than the risk of doing too little and spending another decade struggling to escape the shadow of a deep recession.”
New York Magazine: The Forces That Stopped Obama’s Recovery Will Not Stop Biden’s
“Economic thinking itself has changed in important ways over the last decade. Economists previously feared that the federal government floating trillions of dollars in additional debt would cause interest rates to rise. […] Instead, interest rates have failed to budge, eliminating the austerity pressure that exerted such a powerful impact in the 1980s and 1990s.”
David Brooks, The New York Times: Biden’s COVID-19 relief plan is absolutely right to go big
“The risks are worth it. The economy was still humming along in 2019 but the predicted inflation never came. We’ve been borrowing a lot of money, but the debt load is not yet crushing because interest rates remain low.
When your great nation is facing decline because of rising inequality, insecurity, distrust and alienation, you don’t just sit there. You try something big.”
“Biden’s $1.9 trillion package includes $1,400 direct payments and $400-a-week jobless aid, plus vaccine funds, health care subsidies and money for rent, food stamps and public transit. His advisers have circulated surveys showing broad public support, including a recent Quinnipiac poll that showed 68 percent of U.S. adults favor it, while 24 percent oppose it.”