Last year, the U.S. economy grew at a faster rate than any other large, advanced economy. It looks like it will do so again this year. This strong performance leads some economists to credit the Biden administration’s large fiscal stimulus policies. But with the national debt now over $35 trillion, hopefully, either a Harris or a Trump administration recognizes that this is a misleading analysis. Crediting fiscal stimulus for the current economy misses two crucial points. First, it understates the role of monetary policy since 2020. Second, monetary policy is much less costly to taxpayers than fiscal policy, so it’s a much better tool for managing business cycles. Some commentat
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