The World Next Week More Resources: The Foreign Affairs Interview
Feb 20, 2025
Jason Furman, a Harvard professor and former chair of the White House Council of Economic Advisers, discusses the shortcomings of Biden's economic policies. He critiques the 'post-neoliberal delusion' prevalent in both major parties. Furman emphasizes the need for alternative strategies to combat inflation and the impact of tariffs and manufacturing revitalization. He also explores the intersection of economic policy and national security, focusing on U.S.-China tensions and the significance of infrastructure development to enhance growth and resilience.
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Bidenomics' Deception
- Biden oversaw a seemingly strong economic recovery post-pandemic, with low unemployment and GDP growth.
- These metrics masked deeper issues, like inflation's impact, argues Jason Furman.
US Economic Strength
- The US economy outperforms others with better productivity, favorable demographics, and immigration.
- This strong performance has been consistent across three administrations, suggesting structural factors.
Post-Neoliberal Critique
- Biden's economic team critiqued "neoliberalism," skeptical of scarcity and budget constraints.
- They believed a combined economic and political approach could achieve greater ambition.