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“President Biden hadn’t even been inaugurated when he and his senior advisers made a monumental gamble in January 2021 that would reverberate through his presidency. Fresh on the heels of a $900 billion Covid-relief bill that Congress had approved weeks earlier, Biden proposed a $1.9 trillion stimulus bill,” the Wall Street Journal reports.
“Biden and many of those advisers had been part of the Obama administration. Barack Obama took office under similarly gloomy circumstances in January 2009, during the low point of the global financial crisis. Years of high unemployment followed, with much of the world mired in a trap of low growth and very low—even negative—interest rates.”
“One lesson Democrats took from that episode: Spend aggressively when interest rates are low. It is better to overfill the cup than underfill it.”
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