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Photographer: Stefani Reynolds/Bloomberg
Economics

Biden-Powell Duo’s Macro Policy Revolution

The Democrat’s $1.8 trillion family plan is the latest in a suite of measures that would remake the tax code and social welfare programs.

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U.S. President Biden marked his 100th day in office this week with another massive spending package—this one squarely aimed at taxing the rich to give money to everyone else. He’s proposed nearly $6 trillion in new spending since taking office, much of which is to be paid for with higher tax revenues. Meanwhile, Federal Reserve policy makers are looking at this ocean of government spending, a booming stock market and rapidly recovering economy and have decided to leave interest rates at rock bottom and keep on buying up debt. Bloomberg White House reporter Nancy Cook and Federal Reserve reporter Rich Miller join host Stephanie Flanders to consider whether we really are seeing a revolution in U.S. economic policy under the man that Donald Trump used to call “Sleepy Joe.”