Joe Biden Early Economic Policies
Joe Biden Early Economic Policies: During the first weeks that Joe Biden will be in office as President of the United States, he has the task of reducing or mitigating the social effects caused by the Trump presidency and COVID and recovering the United States economy.
Biden’s arrival in the White House comes with a US $ 1.9 trillion plan to stimulate the US economy. These incentives will be made directly in direct payments to families, supporting small businesses, and creating funds for citizens’ mass vaccination.
Biden $ 1.9 Trillion Stimulus Plan
Since last year, Biden has made it his main objective to establish an economic policy that will act as the relief plan for those most affected by the coronavirus pandemic.
The economic stimulus it plans to apply is US $ 1.9 trillion, which incorporates the US $ 1 trillion for the direct payment to the most affected families of US $ 1,400.
This plan also plans to dedicate the US $ 440 billion to support the small businesses most affected by the negative economic effects. An increase in unemployment benefits received by citizens is also contemplated in this plan.
Raise taxes on the richest
In Biden stimulus plan for the economy, he aims to introduce a minimum wage of US $ 15 per hour. Pretending that large companies in the United States face an increase in investors for their employees.
Joe Biden has commented on many occasions that he wants to put pressure on America’s wealthiest families by raising taxes and changing, in part, the Trump administration’s tax cuts on businesses.
But it is not clear yet if Joe Biden will be able to do it in the short term since to achieve this, he must have Democratic support, but he must also get support among the Republican ranks.
Low-impact infrastructure for the climate
Joe Biden has been firmly committed to boosting the United States economy with different infrastructure investments throughout the states, emphasizing those projects with low impact on the climate, such as implementing more electric cars’ purchase by putting charging stations.
What Biden wants to do is not cheap at all, but he wants to improve the climate and the green economy among one of the most polluting countries on the planet. These investments are going to help greatly increase the debt of the United States.
If Biden convinces companies of this idea, it may be easier to unite conservatives and liberals within the United States Congress, and thus be able to obtain the necessary funding to carry out public works.
We must consider that the unemployment in the United States in January has stood at 1.15 million unemployed. The figure is much higher than that recorded in July of last year, and it is not expected to recover the rates before the coronavirus pandemic until 2023.
Joe Biden has made his intentions to create more than 10 million green jobs more than clear, with the idea of taking advantage of the reformulation of the United States’ economic fabric, with a clear commitment to renewable energy.
Although Joe Biden is not far from the autarkic trend that the Trump administration has led for 4 years, the manufacturing industry will have a leading role on its agenda.
Biden must fight for the support necessary for his stimulus plan to go-ahead.
Biden early economic policies stimulus plan denotes empowerment in the United States of greater social justice for its citizens, not only for trying to increase the minimum wage, but it has also been decided to extend the food stamps throughout this year, also for the protection of the tenants who are in eviction processes and the extension of the moratorium until September of this year.
This ambitious plan that Biden wants to implement is considered among his ranks that there are too many, and they want to be done too quickly. Its final implementation will depend on the exit it has within the legislative process.
Therefore, Biden will be limited by the reduced majorities of the United States Legislative Chamber and will have to fight until the last vote to carry out all the measures of his stimulus plan to increase economic growth and reduce the public deficit.
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