Odd Lots Jared Bernstein on Taxes, Spending, and Why President Biden Wants to 'Pay for It'
May 13, 2021
Jared Bernstein, a longtime advisor to President Biden and a key voice on the Council of Economic Advisors, discusses the current economic landscape. He explores Biden's approach to taxing and spending, emphasizing the need to match spending with tax hikes to avoid increasing the deficit. Bernstein shares insights on the transition to fiscal policy for post-COVID recovery and the political challenges of implementing sustainable infrastructure investments. He also highlights the importance of investing in middle-class jobs and navigating health care reform in the broader economic agenda.
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Fiscal Policy's Rising Importance
- Fiscal policy is becoming increasingly important for economic management.
- This shift is driven by the observed effectiveness of fiscal stimulus post-COVID.
ARP as Relief, Not Stimulus
- The American Rescue Plan should be viewed as relief, not just stimulus.
- It differs from long-term investments like the Families and Jobs Plan.
Fed's Inflation Remit
- The Federal Reserve, not the White House, is primarily responsible for managing inflation.
- The administration monitors inflation but respects the Fed's independence.