From record-low unemployment to strong GDP growth, the Biden administration presided over what appeared to be a strong economic recovery in the aftermath of the pandemic. But these measures masked a more complex reality, argues Jason Furman in a new essay in Foreign Affairs. That reality, in his view, should reshape debates about economic strategies going forward.

Furman, now Aetna Professor of the Practice of Economic Policy at Harvard University, chaired the White House Council of Economic Advisers under President Barack Obama. He traces a stark disconnect between Biden’s lofty goals and real economic performance, especially as it shaped voters’ lived experience. That disconnect opened the way for Donald Trump’s return to the White House. 

Editor Dan Kurtz-Phelan spoke with Furman about why the Biden administration’s economic policy fell short—and why both Democrats and Republicans should abandon what he calls their “post-neoliberal delusion.”

You can find sources, transcripts, and more episodes of The Foreign Affairs Interview at https://www.foreignaffairs.com/podcasts/foreign-affairs-interview.