To revive the economy, Joe Biden wants to build his own New Deal with an array of proposals to strengthen the social safety net and revive prosperity. The big question: Is he up to the challenge?
These steps now sit alongside previously announced Biden plans that include doubling the federal minimum wage to $15 an hour; tripling federal support for schools in low-income neighborhoods; and making low-income housing assistance available to all who qualify.
A Quinnipiac University survey of registered voters in late May found the Democrat statistically tied with Trump on whom respondents trust more to manage the economy. That's a stark contrast to Biden's 20-point lead when respondents were asked who they thought would do a better job of handling the coronavirus response.
Of course, there are the typical partisan interpretations. Bernstein, the Biden adviser, asserts Americans are re-evaluating Trump's economic leadership because the pandemic has shown that the previously booming economy"was clearly built on sand." The economist says Trump's controversial and odd remarks, such as his suggestion that household disinfectant might be used inside the body to cure COVID-19, don't sit well with the public in these times.
"At the end of the day, Jerome Powell, Donald Trump, Steve Mnuchin, the secretary of treasury designee for the Biden administration, Joe Biden, [the] vice president of [a] Biden administration—they are all going to run ridiculous levels of deficit spending similar to World War II," he says."There is absolutely no alternative. Whoever wins the presidency, they're going to adapt the same policies.
Vermont Senator Bernie Sanders endorsed Biden at a virtual event together in April, saying that Americans of all political affiliations should back the former vice president.Darity, the Duke economist, is skeptical. FDR proposed a slew of government work programs, restored faith in banking by federally insuring deposits and, of course, created Social Security.
Biden supporters say there are other ideas that will show the candidate is serious about far-reaching, fundamental change. Ryan says he's expecting"an ambitious agenda item" involving ways to train millions of out-of-work or under-employed Americans for a rapidly automating economy where many jobs lost in the pandemic crash may never return.
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