Congress coronavirus aid bill, fiscal stimulus worked until it was blocked - Business Insider

But unemployment kept on falling, and the labor force participation rate — or the percentage Americans actively in the job market — drifted up.

So while the Trump administration is more than happy to praise their own tax cuts as stimulative, they also opened up the taps on spending, reaching a budget deal with congressional Democrats in early 2018 that lifted caps imposed by the"The big difference in 2017 and 2018 relative to the five or six years that came before was that fiscal policy was a lot more expansionary," Josh Bivens, an economist at the progressive Economic Policy Institute, told Business Insider.

The timing of the two budget deals points to the tricky politics of fiscal policy going forward. The caps that were undone by Trump and Congress in 2018 were put in place as part of a deal to raise the debt limit in 2011 between the Obama administration and the Republican House Majority. While Republicans seem to waver on their commitment to spending discipline , Democrats are perfectly happy to cut deals with Republican presidents that fund both of their priorities.

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