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speak about the economy at the Cuyahoga Community College Metropolitan Campus, Thursday, May 27, 2021, in Cleveland.
“We’re in the midst of a fourth industrial revolution of enormous consequence,” Biden said at his first full press conference in March. “Will there be middle class? How will people adjust to these significant changes in science and technology and the environment? How will they do that? And are democracies equipped – because all the people get to speak – to compete?”
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It’s a framework that is a natural fit for Biden whose long Senate career was defined more by his foreign policy expertise than work on the types of domestic spending he is now championing.
Biden nodded to that new overlap in interests in his Cleveland speech.
“They’d always announce me in the past as an expert in foreign policy,” he said. “Well, let me tell you something: Economic policy is harder than foreign policy. You know what the basis of foreign policy is in our stature in the world? One thing: our economic prowess.”
As a sign that the nation’s approach – which has focused heavily on getting Americans vaccinated along with the $1.9 trillion coronavirus relief package – is working, Biden touts the fact that the U.S. Economy is growing faster than any other major economy.
As big as the New Deal?
Biden’s proposals aren’t as big a share of the economy as Roosevelt’s, but they’re more comparable when combined with coronavirus relief passed during Trump’s administration, according to one calculation. The cost of Roosevelt’s New Deal was roughly 40% the size of the national economy in 1929, estimates Bill Dupor, an economist and assistant vice president at the Federal Reserve Bank of St. Louis.
The $1.9 trillion coronavirus relief package combined with about $4.1 trillion in additional spending Biden initially proposed – which may get scaled back – is about 28% as large as the economy was in 2019, before the pandemic hit. But, when combined with the $3.3 trillion in coronavirus relief spending that passed in the last year of the Trump administration, the total cost would be 43% as large as the 2019 economy if fully enacted.