GZERO World Clips
Trump & Biden spent too much on COVID stimulus, says Austan Goolsbee
Trump & Biden Spent Too Much On COVID Stimulus, Says Austan Goolsbee | GZERO World
August 12, 2022
The brief recession the US economy experienced during the pandemic was arguably the weirdest one ever.
Why? Because it was "an unprecedentedly steep downturn [followed by] an unprecedentedly rapid comeback," says economist and University of Chicago professor Austan Goolsbee tells Ian Bremmer on GZERO World.
What's more, that recession was driven by less demand for theoretically recession-proof services instead of stuff like goods and real estate.
And then there was the government response.
Goolsbee believes that President Joe Biden made the mistake of spending too much on the recovery to avoid the mistake of doing too little under the Obama administration. His take on the American Rescue Plan: "You would probably do smaller."
Watch the GZERO World episode: Explaining inflation & what's next for the US economy
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Ivan Krastev warns that the Iran war has made Trump's most loyal European allies start to see the US as a threat.
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Track: Pizza. Many sharp-eyed reporters and analysts closely watch for patterns in the timing around the Trump administration’s biggest moves.
The number of new banknotes Cuba issued this month to deal with rampant inflation. The 2,000 and 5,000 Cuban peso notes are roughly worth $4 and $10, respectively.
Natalie Johnson
Cubans are no strangers to carrying large bundles of cash just to get through daily shopping, a habit born from years of relentless inflation.
Chris, an Army veteran, started his Walmart journey over 25 years ago as an hourly associate. Today, he manages a Distribution Center and serves as a mentor, helping others navigate their own paths to success. At Walmart, associates have the opportunity to take advantage of the pathways, perks, and pay that come with the job — with or without a college degree. In fact, more than 75% of Walmart management started as hourly associates. Learn more about how over 130,000 associates were promoted into roles of greater responsibility and higher pay in FY25.
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