On Wednesday, Alan S. Blinder, former vice chairman of the Federal Reserve Board under President Bill Clinton. R. and Glenn Hubbard, former chair of the Council of Economic Advisers under President George W. Bush penned an opinion piece in the Washington Post emphasizing the urgency of passing the American Rescue Plan.
Blinder and Hubbard are adding their voices to a growing chorus of economists and experts who see the administration’s plan as critical to addressing the economic crisis caused by the pandemic. Kevin Hassett, a former top economic advisor to President Trump, echoed this in an interview last week in support of the American Rescue Plan, and a Reuters survey of dozens of economists found that over 90% believed that it would “boost the economy significantly.”
Moody’s Analytics, in an independent analysis, similarly found that the Rescue Plan would help create 7.5 million jobs in 2021, double economic growth, and return the U.S. to full employment a full year faster, and the plan has received praise from across the political spectrum – from the U.S. Chamber of Commerce and the Business Roundtable to Senator Sanders and organized labor.
That’s why President Biden is calling on Congress to act urgently to pass his plan so we can combat the economic damage being wrought by COVID-19, get relief and support to the families and communities who have been hit hardest by the pandemic, and ramp up vaccinations, testing, and public health capacity so we can get the virus under control.
Read the full article below.
Washington Post: We need to fight covid-19, not each other. Here are the keys to compromise on a relief deal.