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Balloon Juice - President Biden and the Orange Guy on the Issues: Taxes!
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Up in the air : White House passes debt ceiling buck to Schumer
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Republicans shamelessly take credit for Covid relief they voted against Vox.com 3/15/2021 © Tom Williams/Getty Images Sen. Wicker during a hearing in January.
Two recent tweets from members of Congress illustrate how, in the wake of President Joe Biden signing the Covid-19 relief bill, Republicans are trying to “have their cake and vote against it, too,” as Barack Obama once put it.
That $1.9 trillion American Rescue Plan, which Biden signed into law last Thursday, didn’t receive a single Republican vote, even though recent polling shows a majority of Republican voters have said they somewhat or completely support it. The popularity of the legislation puts Republican members of Congress in a bind: How does one message against a bill that most Americans like, and that will cut child poverty in half, while also juicing an economy that’s been ravaged by the year-long pandemic?
Tom Williams/Getty Images
Two recent tweets from members of Congress illustrate how, in the wake of President Joe Biden signing the Covid-19 relief bill, Republicans are trying to “have their cake and vote against it, too,” as Barack Obama once put it.
That $1.9 trillion American Rescue Plan, which Biden signed into law last Thursday, didn’t receive a single Republican vote, even though recent polling shows a majority of Republican voters have said they somewhat or completely support it. The popularity of the legislation puts Republican members of Congress in a bind: How does one message against a bill that most Americans like, and that will cut child poverty in half, while also juicing an economy that’s been ravaged by the year-long pandemic?
Yves here. One of the big sources of the lack of democratic influence on policy is the way so many elements of fiscal decisions are hostage to economists’ beliefs, many of which are at best outdated, just plain wrong, or shamelessly abused (one example of abuse comes below). The presumption that economists know better shuts off many key decisions from debate.
Nathan Tankus below explains the role of fiscal multipliers, which in lay-speak is “how many dollars of GDP growth does a dollar of fiscal spending generate?” Austerians bizarrely believe in “fiscal consolidation” as in that budget-cutting will improve debt to GDP ratios. The problem with that view is that reducing expenditures results in economic contraction that is even larger than the cut in spending, making debt to GDP ratios worse. Greece was the poster child of this phenomenon. The IMF had nevertheless made this approach the centerpiece of its “programs” which had the appearance of working, because they woul
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