Last week Joe Biden made a point of saying he would raise taxes on corporations “on day one.” It's more a rhetorical device than a real promise. Because he almost certainly can’t do that.
— WSJ’s Nick Timiraos: “Federal Reserve officials don’t like to wade into political debates, which is why it can be a distress signal when they do. In normal times, central bankers generally avoid making specific recommendations on hot-button spending, tax and other policy matters handled by elected officials, because they want to preserve their autonomy to manage monetary policy with minimal interference.
“These aren’t ordinary times. Fed Chairman Jerome Powell has delicately but resolutely said in recent months he expects Congress will need to do more to compensate for income losses sustained by unemployed workers and revenue holes facing hard-hit businesses and city and state governments because of the coronavirus pandemic.”— AP’s Martin Crutsinger: “The U.S. budget deficit hit an all-time high of $3 trillion for the first 11 months of this budget year, the Treasury Department said Friday.
“The ocean of red ink is a product of the government’s massive spending to try to cushion the impact of a coronavirus-fueled recession that has cost millions of jobs. The deficit from October through August is more than double the previous 11-month record of $1.37 trillion set in 2009. At that time the government was spending large sums to get out of the Great Recession triggered by the 2008 financial crisis.”— Reuters’ Ann Saphir: “The U.S.
“But the gains may be overshadowed by the tens of millions of Americans still out of work because of coronavirus-related shutdowns and growing concerns that there is no new government relief package in sight. Job openings, a measure of labor demand, in July soared to 6.6 million, nearly back to their pre-crisis level, a Labor Department report showed this week.
"Forced to think outside the box by the 2008 financial crisis and then again this year by the coronavirus pandemic, the Federal Reserve, European Central Bank and most of their international counterparts have become more aggressive and innovative than ever in defending their economies from recession and the threat of deflation.”— Via NYT’s list: “Dina Powell McCormick: One of the Goldman Sachs’s most visible executives, she has also served in the George W. Bush and Trump White Houses.
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