Joseph Stiglitz: Biden Goes Big
Joseph Stiglitz, University Professor, published an opinion in Project Syndicate and The Guadian.
Joe Biden's $1.9tn recovery package is vital – but we can debate the detail
The US president's proposed $1.9 trillion recovery package will provide enormous stimulus to the economy. The economic growth that results will generate substantial tax revenues, not just for the federal government but also for the states and municipalities that are now starved of the funds they need to provide essential services.
US President Joe Biden has proposed a $1.9 trillion rescue plan to help the American economy recover from the pandemic. Many Republicans oppose it, suddenly consumed with the fiscal religion they unceremoniously abandon whenever their party controls the White House. The massive tax cuts the GOP bestowed on billionaires and corporations in 2017 resulted in the highest US fiscal deficits on record, outside of a deep recession or war. But the promised investment and growth never materialized.
Read the full article on Project Syndicate here, and in The Guardian here.