The experience of the final six years of the Obama presidency looms large. Last time, the recovery generated by that combination was a long march back toward prosperity. In the last recession, Congress passed a large fiscal stimulus bill in early 2009 that helped start an expansion in mid-2009. The Fed’s programs were effective at driving up financial markets, but with less clear-cut benefits for ordinary Americans. He has called on Congress to use its power of the purse to inject money into the economy directly.

Source: International New York Times November 08, 2020 10:00 UTC