House Of Representatives, Barack Obama, Professor Kelton discussed on Balance of Power


At least a narrow majority in the House of Representatives. They've made it clear that if they get a majority, they're going to do their best to make sure there's not any more fiscal spending. Is that okay at this point? Given what we've done already with the economy is and given inflation, is it okay if we don't keep adding fiscal stimulus? Well, I think we're going to add something, right? Because what Democrats did this time, which is different from what was done, let's say under the Obama presidency. When you got that one big physical package and then the midterms happened and you lost your majorities and then it really was gridlock and nothing really got done. This time, Democrats have baked in in advance of the midterms, some pretty big spending packages that have yet to roll themselves out so you'll remember the bipartisan infrastructure bill that passed in the winter of last year. You'll remember the chips and science act. That's another 57 billion or so. And then the so called inflation reduction act, which has hundreds of billions of dollars in additional spending, new spending on energy and climate related things. And so forth. So we've got infrastructure and climate spending and that's all in the pipeline ready to be rolled out. So I and I'm happy about that because I think that unlike back in 2009, 2010 when we did sort of shut off the spigot and then we ended up with a really anemic sluggish economic recovery maybe, maybe this front loading, you know, baking this stuff in in advance actually helps to support the recovery in the next couple of years. Okay, professor kelton, all we really helpful to have you with us. Thank you as Stephanie kelton. She's a Professor of economics at stony brook university. And next, we're going to go to The White House

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