2. First: who is calling to remove Powell? House progressives like AOC and a constellation of think tank wonks focused on climate and financial regulation. Their case: Powell, a moderate northeastern Republican, is insufficiently progressive on these two issues.
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3. We'll get back to them, but let's put ourselves in Biden's chair for a second. For the second time in his career, he enters office in the executive branch with a labor market far below its potential. In 2021 as in 2009, he needs to engineer a recovery.
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4. Here's something a lot of left-of-center economic specialists believe about the 2010s recovery: it could have been done faster. This is a little bit tricky to message on within the left-of-center econ-o-sphere, though, so it's often not totally said aloud.
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5. If you're a Dem econ wonk, you don't want to say Obama did a bad job, and you probably blame the 2010s Republican House quite a lot, and maybe also some of the "Blue Dog" Democrats from future red states. But many Dem econ wonks think the 2010s recovery could've gone faster.
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6. Through a random turn of events, they've been given a chance to test this theory out. The "Build Back Better" agenda can almost literally be read as "we want to get this graph up to the peak, but much faster this time." They want a steeper upward slope.pic.twitter.com/AyAGR3Cz4K
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7. What are the stakes? The faster pace will: - Save tens of millions of person-years of work. - Give your economy as a whole a larger "budget" of labor to play with and enact your priorities - Hopefully stave off midterm losses - Let you get full credit for the recoverypic.twitter.com/sQmZKlAoxu
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8. Powell is on board with all of this. Maybe not the political stuff, but he got us to 81% of prime-age people having a job, and he wants to do it again, and he wants to do it quickly. He is a full employment guy. Maybe *the* full employment guy.pic.twitter.com/tXDmBv1vMj
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9. Here's the first problem with the "replace" coalition: they underrate how hard this was to do. In online lefty circles and prestige magazines, there's a bubble of sorts, where "hawks" like Pat Toomey or Esther George don't exist. But it's a deeply-rooted, powerful coalition.pic.twitter.com/cCgBA737CL
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10. How did Powell overcome them? A lot of personal likability, and a lot of work. He's always going around talking to people, gathering support. He's very patient, too; he doesn't hit back hard when people criticize him.pic.twitter.com/3m7kSih6M4
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11. I know a *lot* of Republican hawks who oppose some of Powell's policies and fear inflation more than he does, but nonetheless have faith in him personally and turst him, even when he's doing the sort of financial wizardry that might draw suspicion if done by anyone else.
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