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Image source,Reuters
Biden, who will formally take office next week, announced a stimulus plan on a US $ 1.9 trillion scale to save the US economy under the new corona virus.
If Congress passes, the plan will provide $ 1 trillion to American families, including a direct distribution of $ 1,400 to all Americans.
Additionally, there is $ 415 billion in the plan to combat the epidemic and $ 440 billion to help small businesses.
Democrat Biden promised to defeat the epidemic and promised to deal with the epidemic better than Republican President Trump during his campaign last year. The epidemic has caused more than 385,000 deaths in the United States.
In the current winter, the new corona virus continues to wreak havoc, with the number of new infections reaching new highs, far exceeding 200,000 cases per day, and the number of deaths in a single day sometimes exceeding 4,000.
Image source,Reuters
What did Biden say?
On Thursday night, he delivered a speech in his hometown of Wilmington, Delaware, saying, “A crisis that humanity suffers so badly is before us. There is no time to lose. There is no time to lose.”
“The health of our country is at stake,” he added. “We must act, and it must be now.”
“Although there will be ups and downs, I will treat them frankly with any progress and setbacks.”
What is the anti-epidemic plan?
Biden hopes to spend $ 20 billion on vaccines for Americans, including setting up large-scale vaccination centers and sending mobile vaccination stations to remote areas.
Two effective vaccines emerged during Trump’s tenure, but health officials said promotion must be accelerated.
“Until now, the promotion of vaccines in the United States has been a devastating failure,” Biden said. His government’s goal is to provide 100 million vaccines in 100 days.
The previous plan will also use $ 50 billion to expand the scope of testing and $ 130 billion to help most schools reopen before spring.
The plan will finance the employment of 100,000 public health workers for contact tracing.
Image source,Reuters
During the epidemic, the number of poor and hungry people in the United States increased (the image shows people queuing for food at the food bank in New York).
What about economic relief?
As nearly 11 million people nationwide are unemployed, additional unemployment benefits will increase from the current $ 300 per week to $ 400 per week.
The subsidy will also run until September, with a moratorium on evictions and housing recovery.
The United States enacted a relief bill last month, announcing that it would provide each American with $ 600, and the new plan adds another $ 1,400 on this basis. This will bring the ransom for American families to the $ 2,000 that both Biden and Trump have asked for.
Biden will also ask Congress to double the federal minimum wage to $ 15 an hour, a priority for the Democratic Party before the epidemic.
Will Congress approve the plan?
Republicans are likely to oppose the continuing accumulation of trillions of debt that the United States has already generated in response to the epidemic. Biden also admitted that his plan “is not cheap.”
But he will have the help of his fellow Democrats who control both houses of Congress, although he may only win by a narrow margin.
However, when Biden’s term began, it was the moment when the United States Senate impeached his predecessor, Trump.
It’s unclear how fast the Senate is progressing, or whether the Senate will vote to convict Trump, but this drama is expected to disrupt Biden’s agenda.
Image source,fake images
The tax cuts are a landmark achievement of the Trump administration (image shows protesters holding the “Tax the Rich” sign).
May increase minimum wages and taxes in the future
Also, what else could Biden do for the American economy?
On Thursday, Biden called for a minimum wage of $ 15. He avoided talking about raising taxes, but expressed his willingness to ensure that businesses and high-income groups pay them a “fair share” to guarantee investment.
“This is the right thing to do for our economy, it’s fair, and it’s decent.”
He also promised to raise taxes on the wealthiest households and partially reverse Trump’s tax cuts for businesses, when the top tax rate fell from 35% to 21%.
However, it is difficult to say whether this idea will become a reality in the short term. Even if Democrats have a majority in Congress, these bills will likely require the support of some Republicans.
At least Wall Street analysts are betting that tax rates won’t go up just yet.
But Jason Furman, a professor at the Harvard Kennedy School and economic adviser to former President Barack Obama, said he believes there may still be some progress.
“President Biden will only get a small part of what he asks for,” he said. “I think it will impose some tax increases on high-income families and businesses, but it will not be a significant amount.”
Image source,fake images
In theory, building infrastructure can bring conservatives and liberals together.
Trillion-level investment in environmental protection infrastructure
During the campaign, Biden promised to jump-start the US economy through large-scale investments in infrastructure, with a special emphasis on environmental protection projects such as electric vehicle charging stations.
In his speech, Biden outlined the broad vision of the second part of his “two-step plan” for economic recovery, and said he will present this plan in more detail next month.
“Imagine that in the face of the climate crisis, the jobs and ingenuity of Americans will lead the world,” he said. “It’s time to stop talking about infrastructure and finally start building infrastructure so that we can be more competitive.”
“I know what I’m describing is not cheap, but if we don’t do this, we will pay a high price.” He also believes that by strengthening the American economy, this investment will even help the growing national debt of the United States.
This is an idea that has received a lot of support from business groups and, in theory, can unite conservatives and liberals.
Biden is expected to introduce a second, larger stimulus package, which includes tax increases and investment in public transportation, trains and other projects.
Image source,fake images
Biden has said that he will urge the United States to adopt stricter emission reduction requirements and more electric vehicles.
But getting Congress to pass significant public works spending may be easier said than done.
However, Biden doesn’t need to depend on Congress for everything, he can focus his executive power on issues like immigration and the environment.In these two areas, the business world often diverges with the Trump administration.
He vowed to reverse Trump’s executive order, including rejoining the Paris Climate Accord and ending travel bans in several Muslim-majority countries.
