during the Obama years, while everyone else only recovered two-thirds of what they lost in the great recession. All in all, not a great success for the president who called inequality"the defining challenge of our time."
Much like in 2008, with COVID relief, Republicans are trying to cut spending and send less money out the door. Democrats must not fall for the same bait and switch that they did during the financial crisis. They must use this opportunity to send more money to working families and not choke up the economy for a decade to come.
In addition to internalizing the Republicans' appetite for"belt-tightening," just as the economists like Paul Krugman, Joseph Stiglitz, James Galbraith feared at the time, the administration simply didn't provide enough relief. As Carter explains, Obama promised to spend between $50 billion and $100 billion dollars on relief for homeowners, but by the end of his term, he spent about $20 billion.
Today, we remain within the grips of another economic crisis that has taken a toll most people in power do not understand. Biden's advisors have pitched him as the most apt to the task of managing this crisis because of his experience with the 2008 recession. "FDR did amazing work on the Great Depression, but he was throwing noodles at the wall. Biden would bring a unique experience to the office, having been the implementer in chief last time," Jared Bernstein, a former economic advisor to Biden toldYet, given the legacy of the 2008 crisis, and the fact that the Obama administration didn't provide enough relief, we should be wary about how Democrats are lowering expectations and even entertaining Republicans' calls for more cuts.
You want to improve the economy?...Let people go back to work!!!...It will take care of its self...
oh look, it is true what they say, after 70 it’s like keeping children in line all over again... settle down gentlemen. Behave yourselves now.
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