Pelosi cut automatic stabilizers from her party’s messaging bill because a CBO score made the policy look expensive
The stimulus must be stabilized. Photo: Alex Wong/Getty Images On Friday, House Democrats will vote on a $3 trillion coronavirus stimulus package that the caucus widely describes as a messaging bill: Nancy Pelosi knows her Republican colleagues aren’t going to consent to a package of reforms as progressive and far-reaching as the one her colleagues just assembled.
In the years following the financial crisis, economists developed a keener appreciation for the value of such stabilizers – in part because they developed a clearer understanding of the harms of deep recessions. In the decade following the 2008 crash, the U.S. economy never caught up with its pre-crisis productive potential; millions of workers who lost their job to the crisis never reentered the labor force.
Meanwhile, if the GOP is unwilling to provide sustained aid to the unemployed when a Republican is in the White House, they are all but certain to obstruct further stimulus under a hypothetical president Joe Biden. If Democrats want to prevent McConnell from sabotaging the economy in 2021 , fighting to make any existing stimulus automatic is likely their best bet.
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