Trump & Biden spent too much on COVID stimulus, says Austan Goolsbee
August 12, 2022
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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."
Every week on GZERO World with Ian Bremmer, Ian explains the key global stories of the moment, sits down for an in-depth conversation with the newsmakers and thought leaders shaping our world.
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