This is Exchanges at Goldman Sachs and I'm Allison Nathan, senior strategist in Goldman Sachs research and creator and editor of the firm's top of my room. and what people are calling Bidenomics, as it takes center stage in Washington, D.C.

The agenda extends recent progressive policy shifts.

It increases spending on infrastructure

and green investments, finance both by larger deficits and higher taxes on

corporations and the wealthy, and uses government stimulus more broadly to support the

economy. And given the progressive nature of these proposals, some observers have even characterized it as

potentially ushering in a new progressive era in the United States. We take stock of how big a shift in

U.S. economic policy,

Bidenomics truly represents.

The political landscape President Biden

will have to navigate to see it enacted

and the implications of all of this for the economy.

To put Bidenomics into perspective, I first turned to David Brady,

professor of political economy at the Stanford Graduate School of Business,

to discuss where it falls on the progressive spectrum relative to the policies of past

administrations.

President Biden's economic agenda is being portrayed as highly progressive and perhaps ushering in this new progressive era in the United

States. Do you agree with that portrayal? How does this compare to past eras that

you did feel were authentically progressive?

Well, it's not as progressive as the New Deal because if you think about the New Deal,

the argument was about should the government be involved in more in the management and

regulation of the economy should it be involved in taking care of some of the

...