As ObamaвЂ™s former communications director, Dan Pfeiffer, points out, thereвЂ™s no vaccine for a housing and banking crisis. The pandemic was different: America lost even more jobs and economic activity during the initial Covid lockdowns, but that downturn was a relatively straightforward economic problem caused by a virus. The Great Recession was a complex economic implosion caused by a systemic financial panic triggered by a national mortgage meltdown.

There are obvious differences between 2009 and today.

вЂњMaybe you could say the economy is running too hot, but I donвЂ™t think вЂthe Biden bill was too effectiveвЂ™ would sell too well.вЂќ вЂњIt worked in 2009, when the economy was still struggling, but I donвЂ™t see how it works if we get mammoth job creation numbers,вЂќ says Republican strategist Tony Fratto, a former assistant Treasury secretary in the Bush administration. Morgan are predicting, the rescue plan could get even more popular, and the strategy of No could get even more difficult. If the pandemic ends and the economy roars, as independent forecasters like J.P. By contrast, the Biden stimulus is polling in the 70s, while Biden himself is polling in the fifties. The approval rating for ObamaвЂ™s recovery plan dropped more than 20 points from his election until he signed it into law three months later, even though Obama himself remained quite popular at the time. So far, though, political history is not repeating itself.

This time, not a single congressional Republican voted for the Biden bill, even though the party overwhelmingly supported five earlier relief bills under President Donald Trump. Three Republican senators did vote yes in 2009, but the rest of the party consistently and vociferously trashed the вЂњporkulusвЂќ as a deficit-busting big-government goody bag, a message that helped the GOP reclaim the House in a landslide in 2010. Republicans, by contrast, seem to have learned one major lesson from the Obama stimulus-the power of No. Biden was determined to make sure his relief act didnвЂ™t undershoot as well, even if that meant he would face criticism for ignoring the budget deficit and failing to attract Republican votes. Even though the Obama White House pushed for the biggest possible stimulus it could get out of a bailout-weary Congress in 2009, most economists believe the $800 billion American Recovery and Reinvestment Act would have produced a stronger recovery if it had been even bigger. вЂњIвЂ™m sure Republicans will try to spin this, and I have long-term concerns myself, but the reality of a crazy strong expansion will be tough to spin away.вЂќДemocrats seemed to have learned a bunch of lessons from the backlash against the Obama stimulus-that itвЂ™s important to sell your own product, that itвЂ™s even more important not to trash your own product, and that itвЂ™s supremely important to make sure your product works as well as possible. вЂњWeвЂ™re going to see some fairly amazing economic numbers, and I imagine for the next few years, people will look around and say: вЂThis is pretty darn good!вЂ™вЂќ says American Enterprise Institute fellow James Pethokoukis, a conservative economist who believes the Biden stimulus is somewhat excessive. Biden is visiting swing states this week to sell American Rescue PlanвЂ™s focus on giving Americans vaccines and money, but with economists across the ideological spectrum forecasting explosive growth, many veterans of the 2009 stimulus wars believe the economy will be all the sales pitch the bill needs. One lesson of the volatility of the past dozen years is that fairly or not, the presidentвЂ™s party tends to get the credit or blame for the economy-or at least for the way people perceive the economy. But youвЂ™re almost certainly losing if youвЂ™re explaining, ahead of time, why the economic boom youвЂ™re expecting on your opponentвЂ™s watch shouldnвЂ™t be attributed to your opponent. It may be an overstated political clichГ© that if youвЂ™re explaining, youвЂ™re losing. вЂњAnd if we do have a boom, it will have absolutely nothing to do with this $1.9 trillion.вЂќДЄs a message, this amounts to вЂњThings WouldвЂ™ve Been Just As Great Without ItвЂќ-an even less appealing bumper sticker than Barney FrankвЂ™s. вЂњWe are about to have a boom,вЂќ McConnell said last week after the Biden bill passed.

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