Hey, big $pender

James Freeman:

If any media folk are still interested in “fact-checking” presidents after the Trump era, they’ll have plenty of fodder from Tuesday night’s appearance by President Joe Biden on CNN. A favorite Biden habit is to appeal to the authority of economists, many of whom remain unnamed, to suggest that his policies are wildly popular among experts. And what would we do without anonymous experts?

Newsweek has a transcript of the event in which CNN’s Anderson Cooper hosted our 46th president at Milwaukee’s Pabst Theater. Here’s an excerpt:

COOPER: You’ve made passing a COVID relief bill the focus of your first 100 days. Those on the right say the proposal is too big. Some on the left say it’s not big enough. Are you committed to passing $1.9 trillion bill or is that final number still up for negotiation?
BIDEN: I’m committed to pass — look, here’s — some of you are probably economists or college professors or you’re teachers in school. This is the first time in my career — and as you can tell, I’m over 30 — the first time in my career that there is a consensus among economists left, right, and center that is over — and including the IMF and in Europe, that overwhelming consensus is, in order to grow the economy a year, two, three, and four down the line, we can’t spend too much.

Thank goodness this statement is not accurate. There is not an “overwhelming consensus” among economists that no amount of federal spending is excessive. This column is often skeptical of conventional expert opinion. But even for those who aren’t, the Biden economic plan is notable for the way it has drawn criticism not just from economists in the center and on the right but from Mr. Biden’s own former colleagues on the left. Many of the critiques specifically warn that he is indeed spending too much taxpayer money on a recovering economy which does not need another massive intervention.

Last month this column noted the criticism of Bidenomics from veterans of the Obama economic team. More recently one of the Biden plan’s enthusiastic backers also acknowledged the resistance coming from liberal economists. John Cassidy wrote in the New Yorker:

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s