Former Obama administration economist Jason Furman has penned a critical assessment of President Biden's economic strategies, labeling them a "tragedy" in a recent op-ed for Foreign Affairs Magazine. While acknowledging some positive macroeconomic outcomes during Biden's term, Furman argues that the administration's policies fell short of their ambitious goals and contributed to uneven recovery and inflation.
Furman, who served as an economic advisor to President Obama, points to several specific policy decisions as problematic, including student loan forgiveness and the "Build Back Better" agenda. He contends that these measures failed to address the immediate concerns of voters and exacerbated inflationary pressures. He also expressed concern over the administration's handling of infrastructure spending, suggesting that increased costs and bureaucratic hurdles ultimately hindered progress.
Furman's critique comes as a new administration takes office, and he emphasizes the importance of learning from the past four years. He expressed concern that some within the Biden administration attributed their challenges to bad luck rather than acknowledging policy shortcomings.
Jared Bernstein, a top economic advisor to President Biden, responded to Furman's criticisms in a series of Substack posts. While acknowledging some missteps, Bernstein defended the administration's overall economic record and highlighted positive contributions to the well-being of vulnerable families. He also suggested that Furman's critique provided ammunition to political opponents with less desirable economic stances.
The Biden team declined to comment on Furman's op-ed.
