Democrats need to lock in a stimulus for the next recession while Republicans are still interested in stopping recessions. jonathanchait writes
Photo: Andrew Harrer/Bloomberg via Getty Images The economy may or may not be heading into a recession. Either way, former Obama economist Jason Furman has a recommendation: Start planning the budget to respond now. In a Wall Street Journal op-ed, Furman argues for instituting an automatic fiscal response to a recession. If Democrats are smart, they’ll push to institute this as fast as they can, while they still have a chance to get Republican support.
There’s another reason to lock in automatic stabilizers now, one that Furman doesn’t mention : Democrats need to lock in stimulus while there’s still a Republican president. Republicans assume Democrats would do the same, which is why they’re accusing liberals of trying to induce a recession under Trump. The truth is that Democrats have been willing to vote for stimulus under Republican presidents. The Republican Party alone is willing to engage in economic sabotage when out of power. I am not a mind reader, and our brains are highly adept at convincing us that whatever we perceive to be our self-interest also happens to be just and good.
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