{"id":164231,"date":"2021-01-27T18:33:00","date_gmt":"2021-01-27T15:33:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/project-syndicate-bidens-economic-rescue-plan-is-bold-enough-to-actually-work\/"},"modified":"2021-01-27T18:33:00","modified_gmt":"2021-01-27T15:33:00","slug":"project-syndicate-bidens-economic-rescue-plan-is-bold-enough-to-actually-work","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/project-syndicate-bidens-economic-rescue-plan-is-bold-enough-to-actually-work\/","title":{"rendered":"#Project Syndicate: Biden\u2019s economic rescue plan is bold enough to actually work"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a39ba4e5812d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a39ba4e5812d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/project-syndicate-bidens-economic-rescue-plan-is-bold-enough-to-actually-work\/#The_next_steps_will_be_to_guarantee_full_employment_and_to_write_down_unpayable_debts\" >The next steps will be to guarantee full employment and to write down unpayable debts<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/project-syndicate-bidens-economic-rescue-plan-is-bold-enough-to-actually-work\/#Clear_sense_of_whats_needed\" >Clear sense of what\u2019s needed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/project-syndicate-bidens-economic-rescue-plan-is-bold-enough-to-actually-work\/#Rescue_first_then_recovery\" >Rescue first, then recovery<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/project-syndicate-bidens-economic-rescue-plan-is-bold-enough-to-actually-work\/#Three_things_missing\" >Three things missing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/project-syndicate-bidens-economic-rescue-plan-is-bold-enough-to-actually-work\/#More_on_Bidens_economic_plans\" >More on Biden\u2019s economic plans:<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/project-syndicate-bidens-economic-rescue-plan-is-bold-enough-to-actually-work\/#James_K_Galbraith\" >James K. Galbraith<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Project Syndicate: Biden\u2019s economic rescue plan is bold enough to actually work<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"The_next_steps_will_be_to_guarantee_full_employment_and_to_write_down_unpayable_debts\"><\/span>\n  The next steps will be to guarantee full employment and to write down unpayable debts<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000144079\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       AUSTIN, Texas (<strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/www.project-syndicate.org\/\" class=\"icon none\">Project Syndicate<\/a><\/strong>)\u2014In the space of less than three months, events have conspired to transform the American political scene.<\/p>\n<p>  First, the COVID-19 pandemic defeated Donald Trump\u2014not because public sentiment in this deeply polarized country changed, but rather because the virus forced open the gates of ballot access. Owing to a vast upsurge of early voting and mail-in ballots, the 2020 election\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cfr.org\/blog\/2020-election-numbers\" class=\"icon none\">turnout<\/a> surpassed that of 2016 by 20 million votes, and featured a greater share of the electorate than any U.S. presidential election since 1900.\u00a0<\/p>\n<div class=\"paywall\">\n       <strong>Special Coverage:<\/strong> Biden\u2019s First 100 Days<\/p>\n<p>Second, thanks to 10 years of local organizing by voting-rights activists led by Stacey Abrams, Georgia replaced both of its Republican senators with Democrats in the Jan. 5 runoff elections, thus handing narrow control of the U.S. Senate to President Joe Biden\u2019s Democratic Party.<\/p>\n<p>Finally, Trump and some of his fellow Republicans incited a rabble to ransack the U.S. Capitol. That catastrophic political miscalculation resulted in the death of five people (including a police officer), Trump\u2019s second impeachment, and the lasting disgrace of the defeated president\u2019s most aggressive would-be successors, Sens. Josh Hawley of Missouri and Ted Cruz of Texas.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Clear_sense_of_whats_needed\"><\/span>Clear sense of what\u2019s needed<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>The moment was ripe for Biden to tell the country about his own <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/context-cdn.washingtonpost.com\/notes\/prod\/default\/documents\/9a786b76-2457-41ab-8c6a-eb0ea22d1de1\/note\/8bcf9ac3-3240-4b3b-9a2c-459a43c85760.#page=1\" class=\"icon none\">economic plans<\/a>. And when he spoke, it was with focus, precision, and a clear sense of the scale and range of action that the situation requires.<\/p>\n<p>Biden has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnn.com\/2021\/01\/14\/politics\/biden-economic-rescue-package-coronavirus-stimulus\/index.html\" class=\"icon none\">proposed<\/a> a rescue plan that will advance a number of urgent objectives at once. His first priority is public health, a long-neglected issue that can be met in part by creating community vaccination centers and medical clinics, and by training and employing at least 100,000 new public-health workers in the basics of epidemic control. Essential elements of this plan will reach into low-income and minority communities, as well as into prisons and jails.<\/p>\n<p>A second goal of the Biden plan is income support, which will take the form of extra cash for households below a certain threshold, extended and expanded unemployment insurance, emergency paid leave, grants to renters and small businesses, and tax credits for child-care costs.\u00a0<\/p>\n<p>Third, the Biden plan aims to stabilize federalism with some $350 billion in support for state and local governments whose tax bases have imploded. Such funding is urgently needed to keep teachers, firefighters, police, and other essential public servants on the job\u2014as is the additional $20 billion that would go to keep public transit operating through the crisis.<\/p>\n<p>Finally, the Biden plan has a fair-play element, proposing a long-overdue increase of the federal minimum wage to $15 per hour, which would raise wages for some 30% of all American workers.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<h6><span class=\"ez-toc-section\" id=\"Rescue_first_then_recovery\"><\/span>Rescue first, then recovery<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Biden has correctly billed his plan an \u201cAmerican Rescue Plan,\u201d rather than as a \u201crecovery\u201d or \u201cstimulus\u201d program. If successful, the package will stem the pandemic, stave off a variety of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> calamities, and prevent the collapse of state and local government services. <\/p>\n<p>Economic reconstruction is important; but it is a separate objective that can be advanced in a second package. Biden has made sure to acknowledge this point: once the rescue plan has been implemented, the reconstruction can begin, with an emphasis on infrastructure, energy, and climate policy.\u00a0<\/p>\n<p>Among other things, this second phase can be used to put America\u2019s advanced sectors back to work in the service of public purpose and social need.<\/p>\n<p>This sequencing is crucial, because these sectors will <em>not<\/em> simply revive and return to their previous positions in the economy. Now that the pandemic has upended aerospace, commercial and retail construction, the energy sector, and much else, a wide array of skills and resources will need to be reallocated. A second-phase economic program can guide the way.<\/p>\n<p><strong>Opinion: <\/strong>5 tax-related policies Biden can push to help small businesses truly recover from COVID-19<\/p>\n<p>Most important, Biden\u2019s plan made no mention of Wall Street shibboleths about budget deficits or the national debt. It does not propose merely temporary measures that will be reversed later, nor does it <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eal to economic forecasts to cover a gap between the program\u2019s outlays and results. Given the orthodox cast of Biden\u2019s economic team, this is especially encouraging to see. Having committed to an ambitious agenda at the outset, it will be somewhat more difficult for his people to backslide later on.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Three_things_missing\"><\/span>Three things missing<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Still, three things that are missing from the Biden package will need to be taken up in due course. <\/p>\n<p>First, neither the public-health programs nor the infrastructure, energy, and climate initiatives will provide enough jobs to offset the losses in America\u2019s vast services sector. Following the inevitable decline of office and retail work and the disappearance of a wide range of in-person services that could not survive the pandemic, middle-class Americans have retreated into their suburban homes. It is already clear that, sooner or later, a guaranteed public or nonprofit <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.project-syndicate.org\/commentary\/coronavirus-cash-support-job-guarantee-by-pavlina-r-tcherneva-2020-03\" class=\"icon none\">jobs program<\/a> will need to be put on the table.<\/p>\n<p>Second, in order to return to viability, many services and small businesses will need to move to new ownership and cost-sharing arrangements, which can best be achieved through cooperative structures with appropriate local oversight and financing. And similar arrangements will be needed to sustain the work of artists, actors, musicians, and writers. As in the New Deal, America\u2019s creative people need (and deserve) support that the commercial economy will not be able to provide.<\/p>\n<p>Lastly, once the immediate crisis has passed, emergency measures to defer rent, mortgages, health bills, and student loans will need to be submitted to a system that can write down, cancel, or settle unpayable debts in a fair and orderly fashion.<\/p>\n<p>These later steps presuppose the earlier ones. But following a magnificent inauguration, we are already seeing the first rays of coherent, qualified, dedicated, and serious leadership. Biden is certainly capable of meeting the emergency at hand, and he has already seized the moment. The country now must demand that Congress approve his program immediately.<\/p>\n<p><strong><em>James K. Galbraith, a former executive director of the Joint Economic Committee, is professor of government and chair in government\/business relations at the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin. He is the author of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/know\" class=\"icon none\">\u201cInequality: What Everyone Needs to Know<\/a>\u201d and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/europe\" class=\"icon none\">\u201cWelcome to the Poisoned Chalice: The Destruction of Greece and the Future of Europe<\/a>.\u00a0\u201c<\/em><\/strong><\/p>\n<p><em><strong>This commentary was published with permission of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/www.project-syndicate.org\" class=\"icon none\">Project Syndicate<\/a>\u2014<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.project-syndicate.org\/commentary\/biden-american-rescue-package-by-james-k-galbraith-2021-01\" class=\"icon none\">Biden\u2019s Grand Opening <\/a><\/strong><\/em>.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"More_on_Bidens_economic_plans\"><\/span>More on Biden\u2019s economic plans:<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>All of President Biden\u2019s key executive orders \u2014 in one chart<\/p>\n<p>Biden can forge bipartisan cooperation with a bold infrastructure program<\/p>\n<p>Biden\u2019s \u2018Buy American\u2019 manufacturing order called \u2018good first step\u2019 by labor<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"James K. Galbraith\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"James_K_Galbraith\"><\/span>James K. Galbraith<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=21005575-02D4-D4B5-4572-D232CF1AB02F&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Project Syndicate: Biden\u2019s economic rescue plan is bold enough to actually work&#8221; The next steps will be to guarantee full employment and to write down unpayable debts AUSTIN, Texas (Project Syndicate)\u2014In the space of less than three months, events have conspired to transform the American political scene. First, the COVID-19 pandemic defeated Donald Trump\u2014not because&#8230;<\/p>\n","protected":false},"author":1,"featured_media":164232,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-164231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/164231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=164231"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/164231\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/164232"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=164231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=164231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=164231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}