Fmr. Obama Econ. Adviser Furman: Biden’s Stimulus ‘Brought Us a Lot More Inflation Than It Did in Terms of Economic Growth’
On Friday’s broadcast of CNN International’s “Quest Means Business,” Jason Furman, who served as Chairman of the Council of Economic Advisers under President Barack Obama and on the Council of Economic Advisers and the National Economic Council under President Bill Clinton and is currently a Professor of the Practice of Economic Policy at Harvard University and the Harvard Kennedy School, stated that while some action was needed, President Joe Biden’s economic stimulus plan was too big, badly designed, ultimately “brought us a lot more inflation than it did in terms of economic growth.” And “got the balance wrong.”
Host Richard Quest asked, “Do you think the Biden — that the Biden stimulus plan passed in the first days was a mistake, it was unnecessary fuel on the fire?”
Furman responded, “I think it was too large. I think it was poorly designed. And I think it brought us a lot more inflation than it did in terms of economic growth. Something was needed. Not everything’s terrible in the economy, we have a 3.6% unemployment rate. We’re creating jobs at a rapid clip. There [are] a lot of good things too. They’re, in part, due to that. But I think we got the balance wrong.”
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