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Dutta-Gupta: Significant Progress on Economic Recovery, But Still More to Do
CLASP President and Executive Director Indi Dutta-Gupta appeared on C-SPAN’s Washington Journal [[link removed]] this morning to discuss the impact of post-pandemic fiscal and monetary policies on the economy. Indi noted that we’ve made tremendous progress during the economic recovery—thanks largely to relief provided by the American Rescue Plan, which pumped $1.9 trillion into the economy, shoring up individual families and state and local governments.
These policies have led to historically low unemployment and a healthy labor market—one in which workers of color have made measurable gains. In fact, Indi explained, the gaps between Black and white employment-to-population ratios are lower than they have ever been. “What the Biden Administration has done is created a real tightness in the labor market, which is exactly what the American people deserve and should expect,” he said.
At the same time, we are facing real challenges since many of the pandemic-era programs such as extra SNAP benefits, Medicaid’s continuous coverage provision, and the expanded Child Tax Credit, have all expired. And the Federal Reserve’s response—to continue to raise interest rates to tamp down inflation—could undermine hard-won employment gains, particularly among communities of color. Still, Indi argued, there’s much to feel good about, especially when we compare the speed and breadth of this recovery with the years following the Great Recession. “In a few years, we did what took ten years before, to return to the pre-recession trajectory for GDP and jobs,” Indi explained. “We sort of lost a decade after the last recovery because we failed to adequately stimulate the economy during the Obama Administration.”
Watch the full video [[link removed]] of Indi’s appearance or read this Twitter thread [[link removed]] for the highlights. You can also watch clips [[link removed]] on our YouTube channel.
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Center for Law and Social Policy
1310 L Street NW
Suite 900
Washington, DC xxxxxx
United States