3 min read.Updated: 21 Apr 2021, 12:45 AM ISTAaron Brown, Bloomberg
George Akerlof has backed the idea but not made a clear case for it
Uncertainty about federal economic policy is greater today than any time in the last 40 years. On one hand, we have senior policymakers calling for increasing already massive budget deficits, locking in the loosest imaginable monetary policy for the foreseeable future, and boosting taxes on businesses, Wall Street and the rich, if inflation rates spike higher. On the other hand, we have a president and senior economic officials who are solid members of an alliance among mainstream liberal academic economists and Wall Street executives who have dominated Democratic party economic thinking since the Carter administration.