The Reason Interview With Nick Gillespie
Jason Furman: Why Everyone Is Wrong About the Economy
Apr 16, 2025
Jason Furman, a Harvard economist and former adviser to President Obama, critiques Bidenomics and the failures of neoliberalism. He discusses the consequences of tariffs from the Trump era, emphasizing that they function as taxes. Furman expresses new concerns about national debt and the impact of AI on the economy, highlighting the need for accountability in fiscal policies. Additionally, he explores the challenges of reforming Social Security and Medicare while revisiting his views on Keynesian economics and the ongoing evolution of economic thought.
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Quick takeaways
- Jason Furman critiques Biden's economic policies, claiming they have led to significant inflation and a disconnect from progressive goals.
- Furman emphasizes the importance of addressing national debt and reassesses AI's potential, balancing economic disruption with opportunities for growth.
Deep dives
Understanding Neoliberalism and Its Critique
Neoliberalism is characterized by an understanding of trade benefits and a respect for decentralized decision-making, which can create optimal outcomes. Critics of neoliberalism argue that its principles have been distorted into a term of derision, especially post-NAFTA and during the rise of the WTO, as many began to see it as a failure to address social inequalities. Jason Furman highlights the shift from a neoliberal consensus to various alternative economic theories that emphasize different regulatory approaches and focus on trade-offs. This critique reflects a growing discontent within the Democratic Party as alternative economic ideologies gain traction, often influenced by popular figures like Bernie Sanders.
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