Pointing to the nation’s tepid recovery from the 2009 financial collapse as a cautionary tale, economists are pressing Democratic lawmakers to dramatically expand President Joe Biden’s $2.3 trillion infrastructure proposal in order to equitably rebound from the coronavirus crisis, achieve full employment, and combat the existential climate emergency.
In a 38-page report (pdf) released Thursday, Dr. Adam Hersh of the University of Massachusetts Amherst and Dr. Mark Paul of the New College of Florida argue that the costs of allowing the economy to run “too cold” by under-spending on pressing needs far outweigh the risks of inflation and other potential consequences of overshooting.
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