Barack Obama entered the White House during a recession, quickly pushed through a sizable stimulus package and then spent the next several years realizing it wasn’t nearly big enough. Joe Biden is determined not to have the same regrets if he wins.
The broad economic advisory group is not totally dominated by hardcore liberals. Gene Sperling, who served in both the Obama and Bill Clinton administrations, is also an important voice in Biden’s ear as is Jeff Zients, who served as Obama’s National Economic Council director and is now a. Zients is a wealthy investor with deep ties to the finance industry, giving the campaign the ability to reassure corporate America that their concerns won’t go entirely unaddressed.
Biden and his advisers have avoided putting a dollar figure on the size of the stimulus the former vice president would seek if he wins. Some of it depends on whether Congress approves any further spending this year on top of the nearly $4 trillion already approved to fight the economic devastation wrought by Covid-19, which led to the biggest quarterly economic decline on record and has left nearly 30 million people still receiving some type of unemployment assistance.
“Every forecast I've seen, including my own, suggests that the output gap and the unemployment rate will be very high at the beginning of next year,” he said. “I'm not going to give a number in terms of trillions, but it would need to be definitely very significant in the spirit of the magnitudes of the bills we've seen so far.”
“The idea that the U.S. faces any major risk from our debt burden is simply wrong,” said Dean Baker, senior economist at the Center for Economic Policy and Research and a frequent critic of the size of Obama’s 2009 stimulus bill. “If for some reason private investors became more reluctant to hold U.S. debt, the Fed could simply step in and buy it. If the U.S. is struggling to recover from this recession, there is no reason to be concerned about running large deficits.
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