Group of 120 Economists back Biden’s proposal for $1.9 trillion in relief

A group of 120 economists are backing President Biden’s proposal for $1.9 trillion in relief.

The group is led by Gene Sperling, Former National Economic Council Director under President Obama and President Clinton as well as Joseph Stiglitz and
Alan Blinder, former Vice Chairman of the Board of Governors of the Federal Reserve under President Clinton.

The letter says “unfortunately, the steps taken by the previous administration and Congress were not enough to help families and businesses weather the storm, nor for our nation’s economy to fully recover.”

The continue “It’s critical for Congress to immediately pass a new coronavirus relief package that will provide additional assistance to families and businesses struggling through a hard winter.”

The letter also says “There are some who suggest America cannot afford more relief at this time. They are simply wrong. Such thinking helped exacerbate and prolong the damage caused by the 2008 financial crisis. History shows that what our nation cannot afford is inaction or timidity in the face of what many consider to be the greatest economic disaster since the Great Depression.

“For this reason, we urge Congress to put partisanship aside and show bold leadership during this time of crisis by passing a coronavirus relief package that meets the urgency of this moment,” the group concludes.