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America’s Stimulus Debate

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Add to Bookmarks The US Congress is currently debating President Joe Biden’s proposed .9 trillion economic rescue package, which includes a planned increase in the federal minimum wage to per hour. Policymakers and economists disagree not only about the appropriate size and scope of the measures, but also on the broader question of whether fiscal policy can and should return to center stage. In this Big Picture, Nobel laureate economist Joseph E. Stiglitz says Biden’s spending plan is urgently needed, and warns that failure to enact a large recovery package risks doing enormous and possibly long-lasting

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The US Congress is currently debating President Joe Biden’s proposed $1.9 trillion economic rescue package, which includes a planned increase in the federal minimum wage to $15 per hour. Policymakers and economists disagree not only about the appropriate size and scope of the measures, but also on the broader question of whether fiscal policy can and should return to center stage.

In this Big Picture, Nobel laureate economist Joseph E. Stiglitz says Biden’s spending plan is urgently needed, and warns that failure to enact a large recovery package risks doing enormous and possibly long-lasting damage to the US economy. Moreover, argues James K. Galbraith of the University of Texas at Austin, Biden is right to focus first on implementing a rescue plan before turning to economic reconstruction, which should emphasize infrastructure,...

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