I know it’s not fashionable to admit mistakes in politics, especially in today’s highly polarized climate. Admitting an error is often seen as providing ammunition for one’s opponents. However, Vice President Harris needs to acknowledge they overspent trying to mitigate the impact of COVID on the economy.
After the debates, while voters may have felt more comfortable with the idea of a President Harris, they still lack a clear understanding of how she plans to manage the economy and improve their economic wellbeing. Skirting around questions about inflation or pointing to how the U.S. is faring better than other nations, or how well the stock market is doing, hasn’t resonated with voters. They don’t understand how her Opportunity Economy will help them. They remember that grocery prices were lower under former president Trump. That is why polls consistently show that voters trust Trump with the economy—an area of paramount importance to voters.
It is true that some corporations had supply chain issues and took advantage of the situation to get a price increase that led to record profits. But a bill on stopping price gouging is not enough. It might help next time, but not now.
Not talking about inflation makes it seem like she is out of touch. Not admitting to making a mistake means she is not credible.
Harris doesn’t need to throw President Biden under the bus, but there is a way forward. She could explain that, in the effort to shield Americans from the economic ravages of COVID-19, the administration overspent in some areas. It was an unprecedented crisis. As such, we [Biden Harris] didn’t have a lot to go on. However, with that experience, should we have another pandemic, she will know what to do.
If we didn’t spend the money we did, not only would we have lost more businesses, we might have lost entire businesses, more people would have lost their homes and we would have gone into a depression. It’s better to pay a little more for groceries than to not have money to buy groceries at all. There are millions of Americans who could have used more financial support and I wish we could have done more. It was hard to get the level of support just right and not over-stimulate the economy. This was done in a life-and-death situation. How much was it worth to save millions of American lives?
The truth is that the federal government’s response to COVID-19 involved massive spending, much of which went to vital programs that kept the economy from a complete collapse. Let’s examine where the money went and why. The Breakdown of Federal Spending During COVID-19. 1. The Coronavirus Aid, Relief, and Economic Security (CARES) Act
Passed in March 2020, the CARES Act represented the largest emergency relief package, with a staggering $1.8 trillion in funding. This included direct payments to individuals and grants to states, and it established key programs like the Provider Relief Fund and the Paycheck Protection Program (PPP).
Passed in April 2020, this act provided an additional $484 billion to shore up the Paycheck Protection Program and the Provider Relief Fund. Funding also went toward the development of vaccines and treatments, building up stockpiles of equipment, and expanding COVID-19 testing capabilities. This was a necessary expansion as the pandemic’s economic toll continued to worsen. 3. The Families First
Signed in March 2020, this act provided $192 billion in relief aimed at small businesses and state and local governments. It was designed to increase resources for paid sick leave, family leave, and medical leave, which were critical during a health crisis where many were unable to work. State and local governments also received funds to support strained healthcare systems, Medicaid, and nutrition assistance programs like SNAP.
This legislation was signed in December 2020 and provided $900 billion in funding, mostly for health care and economic stabilization efforts that carried over into 2021. The PPP received an additional $284 billion, and businesses hardest hit by the pandemic were eligible for a second forgivable loan. AND, $48 billion was directed toward vaccine distribution, with the rollout beginning in late 2020.
Passed in March 2021, the ARP allocated $1.9 trillion to further stimulus measures. $415 billion went toward public health initiatives, including vaccine purchases, testing, contact tracing, and research into pandemic-related medical treatments. Small businesses and nonprofits received an additional $7 billion in support through the PPP, which also opened up to organizations that had not previously had access to those loans.
The rapid, large-scale federal spending was unprecedented but necessary to stave off economic disaster. Much of the money was directed toward health care and the public health response—vaccine development and distribution, testing, and building strategic stockpiles of essential medical equipment. The CARES Act, along with subsequent relief packages, prevented the collapse of small businesses through the Paycheck Protection Program and helped the healthcare system manage the overwhelming demands of the pandemic.
While this spending was critical to managing the fallout from the pandemic, it’s important to recognize that some inefficiencies were inevitable in such an immense and fast-moving response. The sheer scale of the economic crisis, with businesses shuttering and millions of Americans unemployed, meant that rapid action was needed, even if the distribution of funds was not perfect.
She can be trusted with the economy because what they have done to bring down inflation has worked, based on the latest economic data, and they have avoided a recession, let alone a depression. At the same time, they have invested in America’s future with the Infrastructure Act, CHIPS Act and are addressing climate change in the inflation reduction act.
People want their elected officials to be authentic. One of the things people like about Trump is, people believe he isn’t just telling them what they want to hear. An honest assessment by Harris could build trust, which she needs at this point. People can understand making mistakes, we are all human, and who can blame a person for overspending to save lives, our healthcare system, and our economy? The economy, like some individuals, is suffering from long Covid, but is getting better.
Ed Gaskin is Executive Director of Greater Grove Hall Main Streets and founder of Sunday Celebrations.