Biden’s Plan to Reshape the American Economy
The Political Scene | The New Yorker
The New Yorker
4.3 • 3.9K Ratings
🗓️ 4 June 2021
⏱️ 23 minutes
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Summary
A semblance of pre-pandemic life has resumed across the country, but the economic signs are mixed, even after the strong jobs report for May. Supply chains are bottlenecked, unemployment is just under six per cent, and fiscal conservatives warn about inflation. President Biden has stated to Congress, in defense of his stimulus plans and of his six-trillion-dollar budget, that “trickle-down economics has never worked,” and that the best way to strengthen the economy is from the bottom up, not the top down. John Cassidy joins Dorothy Wickenden to discuss the political perils and promise of Bidenomics.
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| 1:11.2 | This is the political scene, a weekly conversation with New Yorker writers and guests about politics. |
| 1:17.2 | It's Friday, June 4th. I'm Dorothy Wickenden, executive editor of The New Yorker. |
| 1:23.0 | The news about the pandemic is promising. More than half of all Americans have received at least one dose of a COVID-19 vaccine. |
| 1:32.3 | Almost every state in the country is rapidly easing its masking and other restrictions. |
| 1:37.3 | And as schools, museums, and businesses open up again, a semblance of pre-pandemic life has resumed. Still, it's hard to read the economy. |
| 1:48.1 | It's showing the strains of the past year and the sudden reemergence of life almost as usual. |
| 1:54.5 | Although consumers are eager to spend, supply chains are bottlenecked. Unemployment is just under 6%, yet many employers are having trouble filling jobs. |
| 2:05.0 | Fiscal conservatives have been warning that President Biden's American jobs and American families' plans |
| 2:10.6 | represent a reckless series of tax and spend policies. |
| 2:15.6 | He waived aside those concerns last week in his proposed $6 trillion |
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