The President-elect Joe Biden is now facing a tough decision that is to assemble an economic team that can help the US economy.
There are several names that are under consideration including Ben Harris and Jared Bernstein, who have been Biden’s longtime advisors.
The president and CEO of the Washington Center for Equitable Growth, Heather Boushey is also among those names. Another woman that can be included in the team is Lael Brainard, who is known to be the first woman to serve as the U.S. treasury secretary.
Other than these, there are people including Jeff Zients who served as the Director of the United States National Economic Council and was also an advisor to former President Obama.
The people who are going to be a part of the economic team are going to determine whether people can expect economic growth or downturn. This tentative team will decide what kind of agenda the government would have regarding the economy. However, the economic decisions are not going to be taken by the team alone, but also by the wider left-center axis of the party.
So the process of selection is not going to be as smooth as previously thought when Biden told people that the government was taking advice from Larry Summers, who was a part of Clinton as well as Obama’s administration. The left did not take the matter lightly and protested. Now, Summers is far from being a part of the Biden administration.
The case for Biden is different from Obama as the legacy seems to be more mixed. This is the reason why the recovery was so slow from the 2008 crisis and a failure to reform the financial system was witnessed along with other signs.
Now that Biden is in charge, he has the opportunity to gain people’s trust by trying to grant the biggest stimulus possible, as that is something that Obama’s administration would have done.
However, this is not going to be an easy task as it is not all under the control of the Democrats. The Senate will have the final say about approving the package. It would be harder if the US Senator, Mitch McConnell does not leave the seat. But the left-wing would have to ultimately come to a compromise and listen to them.