Project Syndicate: Last March, you noted that a crisis on the magnitude of the Covid19 pandemic could trigger at least two direct economic shocks: to production and to demand. In the case of the US, the health and economic crises have now been compounded by a political one, culminating most recently in the storming of the US Capitol by supporters of Donald Trump. Against this background, how do you view President Joe Biden’s chances of “advancing sensible policies that address the problems facing the precariat without ushering in class warfare”?

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