New Great Recession data suggest Congress should go big to spur a broad-based, sustained U.S. economic recovery — Austin Clemens

Will Biden repeat Obama's mistake and undershoot?

WCEG — The Equitablog
New Great Recession data suggest Congress should go big to spur a broad-based, sustained U.S. economic recovery
Austin Clemens

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Biden’s stimulus is not the stuff of economic revolution—it’s a mix of common sense and keeping the lights on. And the fundamental thinking behind the stimulus approach reflects a continuation of neoliberal policies of the past 40 years; instead of advancing broader social programs that could uplift the population, the solutions are predicated on improving individual purchasing power and family circumstances. Such a vision of society as a collection of enterprising individuals is a hallmark of the neoliberal policy formula—which, as the stimulus bill is about to make clear, is still prevalent within the Democratic and the Republican parties. This attention to individual purchasing power promises to be the basis for bipartisan agreement over the next four years.

The reality is that social programs on health care and education, and a new era of labor and banking regulation, would put the wider society on sounder feet than a check for $1,400....

Naked Capitalism
Bad Stimulus: Government Payments to Individuals Are a Terrible Way to Solve America’s Structural Economic Problems

Albena Azmanova, an associate professor of politics at the University of Kent’s Brussels School of International Studies and author of Capitalism on Edge: How Fighting Precarity Can Achieve Radical Change Without Crisis or Utopia(2020), and Marshall Auerback, a researcher at the Levy Economics Institute of Bard College, a fellow of Economists for Peace and Security, and a regular contributor to Economy for All, a project of the Independent Media Institute. Produced by Economy for All, a project of the Independent Media Institute