Biden’s $1.9 trillion ‘American Rescue Plan’ all set to boost U.S. economy
3 years, 9 months ago

Biden’s $1.9 trillion ‘American Rescue Plan’ all set to boost U.S. economy

The Hindu  

WITH President Joe Biden having put through Congress and signed a $1.9 trillion “American Rescue Plan”, the world is set to experience one of the biggest fiscal boosts of recent times, larger than the plan that was resorted to in response to the 2008 global financial crisis. The money will immediately unleash spending; the key components of the package include payment of a sum of $1,400 to each individual earning up to $75,000 per year; the continued payment of federal jobless benefits of $300 a week till early September; increased tax credits for children; and money to accelerate vaccination, reopen schools and provide financial assistance to state and local governments. A move away from fiscal conservatism The decision to persist with the stimulus, which is likely to take the fiscal deficit close to the record levels touched during the Second World War, marks a move away from the fiscal conservatism and dependence on monetary policy instruments characteristic of the neoliberal era that began with Ronald Reagan. That marks a turn in policy away from one boosting financial markets to one aiming to lift the real economy, even if indirectly, by supporting consumption spending by the unemployed and the middle class.

Economy Policy Growth Markets Financial Financial Markets Spending Crisis Stimulus Biden Plan Cent 2008 Fiscal Fiscal Conservatism  markets  crisis  2008  economy  plan  bidens  american  rescue  set  growth  financial  stimulus  trillion  fiscal  cent  policy  boost  19  spending

History of this topic

Biden makes ‘declaration of progress’ on economy after Fed cuts interest rates
3 months, 3 weeks ago

Biden makes ‘declaration of progress’ on economy after Fed cuts interest rates

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. And it’s important signal from the Federal Reserve to the nation that after repeated …

Biden pushes for $1.6 billion to fund pandemic fraud measures
1 year, 10 months ago

Biden pushes for $1.6 billion to fund pandemic fraud measures

LA Times  

President Biden speaks to the House Democratic Caucus Issues Conference this week in Baltimore. The Biden administration is asking Congress to approve more than $1.6 billion to help clean up the mess of fraud in the massive government COVID-19 pandemic relief programs. In a strategy announced Thursday, the administration called for money and more time to prosecute cases, to put …

This GOP governor's hypocrisy on American Rescue Plan dollars is as garish as it gets
2 years, 2 months ago

This GOP governor's hypocrisy on American Rescue Plan dollars is as garish as it gets

Raw Story  

This is nothing new. But DeWine is contorting himself into shapes most often seen in mall pretzel stands as he tries to explain away the gobsmacking hypocrisy of spending billions in ARPA money while running ads against his opponent slamming the ARPA as “reckless spending.” If the ARPA is reckless spending, Mike DeWine is one person doing a helluva lot …

Biden relief plan: Major victory gets mixed one-year reviews
2 years, 9 months ago

Biden relief plan: Major victory gets mixed one-year reviews

Associated Press  

WASHINGTON — It’s not often that a president gets everything he asks for, but that’s what happened. Rep. Pramila Jayapal, D-Wash., said she had no regrets about any inflation that the legislation might have caused, describing it as a “consequence that we have to work through.” “There’s no question that the American Rescue Plan put money in people’s pockets, kept …

Biden’s $1.9-trillion relief plan: Major victory gets mixed one-year reviews
2 years, 9 months ago

Biden’s $1.9-trillion relief plan: Major victory gets mixed one-year reviews

LA Times  

President Biden speaks before signing the $1.9-trillion American Rescue Plan in the Oval Office on March 11, 2021. Friday was the anniversary of Biden’s signing of the American Rescue Plan, and the second anniversary of the World Health Organization’s declaration that COVID-19 had become a global pandemic. Rep. Pramila Jayapal said she had no regrets about any inflation that the …

Yellen: Biden pandemic relief ‘like a vaccine’ for economy
2 years, 11 months ago

Yellen: Biden pandemic relief ‘like a vaccine’ for economy

Associated Press  

WASHINGTON — Treasury Secretary Janet Yellen told a gathering of America’s mayors on Wednesday that the Biden administration’s coronavirus relief bill was like a vaccine preventing catastrophic economic damage that could have returned the nation to the financial woes seen at the beginning of the pandemic. President Joe Biden’s $1.9 trillion American Rescue Plan “acted like a vaccine for the …

Biden’s Pandemic Preparedness Plan Is Spending Money in the Wrong Places
55 years ago

Biden’s Pandemic Preparedness Plan Is Spending Money in the Wrong Places

Slate  

Way back in 2018, Ed Yong wrote a piece for the Atlantic that seems prescient now. That should really make us think about what happens when you deploy very, very good medical interventions on a society where millions of people can’t access health care, where public health has been allowed to rot away for over a century, and where there …

Biden expands ‘Obamacare’ by cutting health insurance costs
3 years, 9 months ago

Biden expands ‘Obamacare’ by cutting health insurance costs

Associated Press  

COLUMBUS, Ohio — President Joe Biden pledged Tuesday that his $1.9 trillion rescue package would build on the promise of the Affordable Care Act, the hallmark legislation of Barack Obama’s presidency that became law 11 years ago. Biden’s COVID-19 relief law pumps up “Obamacare” premium subsidies to address longstanding problems of affordability, particularly for people with middle-class incomes. Policy consultant …

The COVID-19 Relief Program Comes With A Big Asterisk
3 years, 9 months ago

The COVID-19 Relief Program Comes With A Big Asterisk

Huff Post  

LOADING ERROR LOADING Thanks to the American Rescue Plan, the federal government is now spending $1.9 trillion to fight COVID-19 and to help the public get through the pandemic. President Joe Biden signs the American Rescue Act bill into law in the Oval Office of the White House on March 11 in Washington, D.C. Doug Mills-Pool via Getty Images Public …

Column: Why Stockton is a myth-busting case study for Biden’s COVID-19 relief plan
3 years, 9 months ago

Column: Why Stockton is a myth-busting case study for Biden’s COVID-19 relief plan

LA Times  

Speaking from the White House Rose Garden on Friday, President Biden took a moment to reflect on the true impact of his administration’s humongous $1.9-trillion coronavirus relief package, also known as the American Rescue Plan. “This bill puts working people in this nation first.” Rejecting the trickle-down economics favored by Republicans since Ronald Reagan occupied the White House, Biden added: …

What’s in the $1.9 trillion rescue plan for small businesses
3 years, 9 months ago

What’s in the $1.9 trillion rescue plan for small businesses

CNN  

The $1.9 trillion American Rescue Plan Act that President Joe Biden signed into law on March 11 contains a number of provisions intended to help small businesses, especially restaurants. It authorizes another $7.25 billion for the Paycheck Protection Program, which offers forgivable loans to small businesses and other organizations hurt by the pandemic. More money for restaurants, venue operators and …

Biden's $1.9 Trillion Rescue Plan Set To Turbocharge U.S. Economy
3 years, 9 months ago

Biden's $1.9 Trillion Rescue Plan Set To Turbocharge U.S. Economy

NPR  

Biden's $1.9 Trillion Rescue Plan Set To Turbocharge U.S. Economy Enlarge this image toggle caption David Zalubowski/AP David Zalubowski/AP The U.S. economy is about to get a shot of its own. The $1.9 trillion relief package passed by Congress on Wednesday is expected to give a substantial boost to the world's largest economy once it's signed by President Biden, putting …

Coronavirus | Biden’s 'transformative' COVID-19 rescue plan on cusp of passing Congress
3 years, 9 months ago

Coronavirus | Biden’s 'transformative' COVID-19 rescue plan on cusp of passing Congress

The Hindu  

President Joe Biden's massive relief plan is on the verge clearing Congress with a final vote Wednesday, offering a lifeline for millions of American families and businesses and stimulating an economy digging out from the coronavirus pandemic. If it makes it to his desk, Mr. Biden — who made the American Rescue Plan his top legislative priority — could sign …

$1.9T Biden relief package a bet government can help cure US
3 years, 10 months ago

$1.9T Biden relief package a bet government can help cure US

Associated Press  

WASHINGTON — President Joe Biden wants America to know that he’s from the government and he’s here to help. “When I was elected, I said we were going to get the government out of the business of battling on Twitter and back in the business of delivering for the American people,” Biden said after the huge bill passed the Senate …

Biden’s big relief package a bet gov’t can help cure America
3 years, 10 months ago

Biden’s big relief package a bet gov’t can help cure America

Associated Press  

WASHINGTON — President Joe Biden wants America to know that he’s from the government and he’s here to help. Besides stopping the pandemic and jumpstarting hiring, money in the rescue package — now awaiting final approval in the House — is supposed to start fixing income inequality, halve child poverty, feed the hungry, save pensions, sustain public transit, let schools …

Coronavirus | Joe Biden’s COVID-19 rescue plan clears crucial Senate hurdle
3 years, 10 months ago

Coronavirus | Joe Biden’s COVID-19 rescue plan clears crucial Senate hurdle

The Hindu  

The U.S. Senate on Saturday voted to approve a $1.9 trillion relief package that President Joe Biden vows will revive the country's pandemic-stricken economy, capping hours of debate, frenzied negotiations and a marathon overnight voting session. "I promised the American people help was on the way," said Mr. Biden in an address from the White House, after the plan was …

Fighting Biden virus aid, GOP rekindles Obama-era strategy
3 years, 10 months ago

Fighting Biden virus aid, GOP rekindles Obama-era strategy

Associated Press  

WASHINGTON — Republicans have one goal for President Joe Biden’s $1.9 trillion COVID-19 relief package: erode public support for the rescue plan by portraying it as too big, too bloated and too much wasteful public spending for a pandemic that’s almost over. Senate Republican leader Mitch McConnell, who is leading his minority party toward the “no” vote, said Biden’s 628-page …

Biden American Rescue Stimulus Plan Provides $1,400 Checks : The Indicator from Planet Money : NPR
3 years, 10 months ago

Biden American Rescue Stimulus Plan Provides $1,400 Checks : The Indicator from Planet Money : NPR

NPR  

The Biden Relief Bill: Who Gets What Enlarge this image Alex Wong/Getty Images Alex Wong/Getty Images Right now, a bill that would spend roughly 1.9 trillion dollars into the economy is making its way through Congress. This is a big bill — at almost two trillion dollars, it's one of the biggest spending bills in American history, equal to roughly …

Republicans urge Biden to scale down $1.9 trillion COVID relief
3 years, 11 months ago

Republicans urge Biden to scale down $1.9 trillion COVID relief

Al Jazeera  

Ten Republicans in the United States Senate have offered a counterproposal to President Joe Biden’s $1.9 trillion coronavirus relief bill, saying a scaled-down version of the aid package would garner bipartisan support in Congress. The lawmakers asked to meet with Biden in the coming days, adding: “Our proposal reflects many of your stated priorities, and with your support, we believe …

Biden warns of growing cost of delay on economic aid plan
3 years, 11 months ago

Biden warns of growing cost of delay on economic aid plan

Associated Press  

WASHINGTON — President Joe Biden is warning of a steep and growing “cost of inaction” on his $1.9 trillion COVID-19 relief plan as the White House searched for “creative” ways to win public support for a package that is getting a cold shoulder from Senate Republicans. An aggressive push for vaccinations and generous aid to individuals would help put parents …

Biden warns of growing cost of delay on $1.9T econ aid plan
3 years, 11 months ago

Biden warns of growing cost of delay on $1.9T econ aid plan

Associated Press  

WASHINGTON — President Joe Biden warned Friday of a steep and growing “cost of inaction” on his $1.9 trillion COVID relief plan as the White House searched for “creative” ways to win public support for a package that is getting a cold shoulder from Senate Republicans. “Certainly, his preference would be to get on a plane and fly around the …

US Covid aid: Here’s when you’ll see help from federal government
3 years, 11 months ago

US Covid aid: Here’s when you’ll see help from federal government

CNN  

CNN — There’s lots of talk of all the federal assistance going to Americans and small businesses in need. President Joe Biden signed executive orders last week that will further augment food benefits, ensure more eligible Americans get their stimulus payments, provide protections for federal workers, and extend housing and student loan payment relief. As part of his $1.9 trillion …

Biden’s Covid plan has to work. The economy depends on it
3 years, 11 months ago

Biden’s Covid plan has to work. The economy depends on it

CNN  

New York CNN Business — The fate of the economic recovery is riding on President Joe Biden’s mission to speed up the lackluster rollout of coronavirus vaccines. “We won’t see a strong economic rebound until we get broad distribution of the vaccine,” said Kristina Hooper, chief global strategist at Invesco. Kevin Hassett, a former economic adviser to President Trump, told …

Trump economist backs Biden’s $1.9 trillion rescue plan
3 years, 11 months ago

Trump economist backs Biden’s $1.9 trillion rescue plan

CNN  

New York CNN Business — Former Trump economic adviser Kevin Hassett broadly supports President Joe Biden’s $1.9 trillion rescue package as a way to keep the coronavirus-ravaged economy afloat. “They’ve thrown a lot of stimulus at it,” Hassett told CNN Business on Thursday, “but I think we need to be risk averse.” The former Trump administration official fears that without …

U.S. Economy is ‘spiraling downward’, warns top Biden advisor
3 years, 11 months ago

U.S. Economy is ‘spiraling downward’, warns top Biden advisor

Al Jazeera  

US President-elect Biden’s $1.9 trillion spending plan will help generate the kind of ‘robust recovery’ the US needs, says incoming head of National Economic Council. A top economic adviser to President-elect Joe Biden warned the U.S. economy is “spiraling downward” and called for swift action to address vulnerabilities that the global pandemic has drawn into focus. Brian Deese, who will …

Biden announces USD 1.9 trillion COVID-19 stimulus plan to revive US economy
3 years, 11 months ago

Biden announces USD 1.9 trillion COVID-19 stimulus plan to revive US economy

The Hindu  

US President-elect Joe Biden has announced a USD 1.9 trillion coronavirus relief package to tackle the economic fallout from the pandemic, including direct financial aid to average Americans, support to businesses and to provide a boost to the national vaccination programme. The relief package, announced on Thursday, includes USD 415 billion focused on combating the COVID-19 pandemic, over USD 1 …

Joe Biden unveils $1.9-trillion coronavirus plan to speed up vaccines, mitigate pandemic’s economic impact
3 years, 11 months ago

Joe Biden unveils $1.9-trillion coronavirus plan to speed up vaccines, mitigate pandemic’s economic impact

Firstpost  

The plan also provides $50 billion to expand testing, while around $130 billion will be allocated to help schools reopen without risking further contagion Wilmington: President-elect Joe Biden unveiled a $1.9 trillion coronavirus plan Thursday to end “a crisis of deep human suffering” by speeding up vaccines and pumping out financial help to those struggling with the pandemic’s prolonged economic …

Stimulus package: Here’s what’s in Biden’s $1.9 trillion economic rescue plan
3 years, 11 months ago

Stimulus package: Here’s what’s in Biden’s $1.9 trillion economic rescue plan

CNN  

CNN — Bigger stimulus checks. Enhanced unemployment aid Biden would increase the federal boost the jobless receive to $400 a week, from the $300 weekly enhancement contained in Congress’ relief package from December. More money for child care and child tax credits The plan calls on Congress to create a $25 billion emergency fund and add $15 billion to an …

Biden proposes $1.9-trillion plan for pandemic and economic crisis
3 years, 11 months ago

Biden proposes $1.9-trillion plan for pandemic and economic crisis

LA Times  

President-elect Joe Biden speaks Thursday in Wilmington, Del., about his plan to address the COVID-19 pandemic and its devastating economic fallout. Many of the proposals, however, also serve as down payments toward longer-run Democratic goals, including a one-year expansion of aid to families with children, which Biden said would “cut child poverty in half” over the next year. “But failure …

'We Cannot Afford Inaction': Biden Unveils $1.9 Trillion COVID-19 Relief Plan
3 years, 11 months ago

'We Cannot Afford Inaction': Biden Unveils $1.9 Trillion COVID-19 Relief Plan

NPR  

'We Cannot Afford Inaction': Biden Unveils $1.9 Trillion COVID-19 Relief Plan Enlarge this image toggle caption Matt Slocum/AP Matt Slocum/AP Updated at 8:37 p.m. President-elect Joe Biden outlined his plans for economic relief from the coronavirus crisis on Thursday, citing the need for a more robust vaccination plan as well as for additional direct payments to American families to help …

A global recovery’s leading variables
4 years ago

A global recovery’s leading variables

Live Mint  

As we head into a new year, this much is patently clear: covid-19 is not just going to disappear, as outgoing US President Donald Trump repeatedly suggested it would. More broadly, while the world’s advanced economies have been able to run huge fiscal deficits to prevent significant losses to GDP, governments in developing countries and emerging markets cannot provide anywhere …

Opinion: Crushing the pandemic could pave the way for Biden’s bold agenda
4 years ago

Opinion: Crushing the pandemic could pave the way for Biden’s bold agenda

CNN  

Editor’s Note: Julian Zelizer, a CNN political analyst, is a professor of history and public affairs at Princeton University and author of the book, “Burning Down the House: Newt Gingrich, the Fall of a Speaker, and the Rise of the New Republican Party.” Follow him on Twitter @julianzelizer. Regardless of the outcome, it seems all but certain that Senate Majority …

What Joe Biden Can (And Can't) Do To Stimulate This Pandemic Economy On His Own
4 years ago

What Joe Biden Can (And Can't) Do To Stimulate This Pandemic Economy On His Own

NPR  

What Joe Biden Can Do To Stimulate This Pandemic Economy On His Own Enlarge this image toggle caption Samuel Corum/Getty Images Samuel Corum/Getty Images Congress still hasn't reached a deal on a new COVID-19 relief package to help millions of Americans who could fall off an economic cliff by the end of the year when moratoriums on evictions and some …

In face of ‘grim’ jobs report, Biden backs more COVID-19 aid
4 years, 1 month ago

In face of ‘grim’ jobs report, Biden backs more COVID-19 aid

Associated Press  

— President-elect Joe Biden is pushing ahead with his call for massive economic stimulus as the economic recovery from this spring’s coronavirus lockdowns falters amid a nationwide spike in COVID-19 cases. Biden was to deliver remarks Friday afternoon reacting to November’s national jobs report, which showed a sharp decrease in U.S. hiring even as the nation is about 10 million …

President-Elect Biden Has A Plan To Combat COVID-19. Here's What's In It
4 years, 2 months ago

President-Elect Biden Has A Plan To Combat COVID-19. Here's What's In It

NPR  

President-Elect Biden Has A Plan To Combat COVID-19. Specifically, Biden's plan calls for empowering scientists at the Centers for Disease Control and Prevention to help set national, evidence-based guidance to stop outbreaks as well as making significant investments in vaccine distribution, testing and the creation of a public health workforce to carry out contact tracing and other services. Set shared …

Uneven economic relief of Covid response aid under scrutiny
4 years, 7 months ago

Uneven economic relief of Covid response aid under scrutiny

CNN  

CNN — Staggering job losses. The economic side of the ongoing public health crisis will go under the microscope Tuesday morning as the two primary architects of that response testify on Capitol Hill: Treasury Secretary Steve Mnuchin and Federal Reserve Chairman Jerome Powell. Those issues – from the massive small business emergency lending program, to funding for state and local …

Can the US economy recover from coronavirus?
4 years, 8 months ago

Can the US economy recover from coronavirus?

Al Jazeera  

As the pandemic spreads in the US, the country’s economy is likely to face its worst crisis since the Great Depression. It shrank by almost 5 percent in the first quarter of this year – the biggest slide since the 2008 financial crisis. As many businesses are going bankrupt, the US has pumped more than $2 trillion into the economy …

Lessons From Congress' Last Experience Helping Rescue An Economy In Free Fall
4 years, 8 months ago

Lessons From Congress' Last Experience Helping Rescue An Economy In Free Fall

NPR  

Lessons From Congress' Last Experience Helping Rescue An Economy In Free Fall Enlarge this image toggle caption Mary Altaffer/AP Mary Altaffer/AP When Congress voted last month to approve the largest legislative package in modern history, most lawmakers were already saying that the $2.2 trillion coronavirus relief bill wouldn't be enough to save the economy. Cantor said that during the last …

US Congress passes USD 2 trillion stimulus package to sail through coronavirus crisis
4 years, 9 months ago

US Congress passes USD 2 trillion stimulus package to sail through coronavirus crisis

India TV News  

The US Congress on Friday passed the historic USD 2 trillion rescue package to help the Americans and secure the country's economy ravaged by the coronavirus pandemic that has infected over 94,000 people across the nation. The bill among other things gives USD 3,400 for most of the American families of four, and billions of dollars’ worth of financial assistance …

What to make of the US’s $2 trillion coronavirus bailout
4 years, 9 months ago

What to make of the US’s $2 trillion coronavirus bailout

Al Jazeera  

In spite of the negatives and the risks, the stimulus package represents a real political and philosophical change. On Wednesday, the United States Senate overwhelmingly approved a $2 trillion rescue bill to address the effects of the coronavirus pandemic on the economy. When he was asked who would watch where the money went, Trump said, “I’ll be the oversight.” The …

US Senate announces $2.2 trillion aid for businesses, workers, healthcare hit by coronavirus; likely to keep economy afloat for three months
4 years, 9 months ago

US Senate announces $2.2 trillion aid for businesses, workers, healthcare hit by coronavirus; likely to keep economy afloat for three months

Firstpost  

The Senate passed an unparalleled $2.2 trillion economic coronavirus rescue package steering aid to businesses, workers and health care systems engulfed by the pandemic Washington: The Senate late Wednesday passed an unparalleled $2.2 trillion economic rescue package steering aid to businesses, workers and health care systems engulfed by the coronavirus pandemic. Treasury Secretary Steven Mnuchin, asked how long the aid …

Staggering jobs number shows why even a $2 trillion virus stimulus rescue plan is too small
4 years, 9 months ago

Staggering jobs number shows why even a $2 trillion virus stimulus rescue plan is too small

CNN  

CNN — The bleakest one-time jobs data in American history – 3.28 million people filed for unemployment last week – shows why even a $2 trillion rescue bill can’t save the economy and explains the fear in Washington is already provoking calls for a new plan. “If we have to go back, we have to go back,” President Donald Trump …

US Senate approves $2 trillion coronavirus rescue bill
4 years, 9 months ago

US Senate approves $2 trillion coronavirus rescue bill

Al Jazeera  

The largest economic relief bill in history heads to the House, where it must pass before landing on Trump’s desk. Individuals making more than $100,000 a year would not be eligible $250bn in federal unemployment benefits of $600 per week for individual employees as well as gig workers and independent contractors in addition to regular state unemployment benefits available for …

Coronavirus Outbreak: White House, Congress agree on $2 trillion rescue bill to aid US businesses, workers and hospitals
4 years, 9 months ago

Coronavirus Outbreak: White House, Congress agree on $2 trillion rescue bill to aid US businesses, workers and hospitals

Firstpost  

The economic rescue package would give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home. “We have a deal.” The economic rescue package would give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small …

Trump, Congress agree on $2 trillion virus rescue bill
4 years, 9 months ago

Trump, Congress agree on $2 trillion virus rescue bill

Associated Press  

WASHINGTON — The White House and Senate leaders of both parties announced agreement early Wednesday on unprecedented emergency legislation to rush sweeping aid to businesses, workers and a health care system slammed by the coronavirus pandemic. The unprecedented economic rescue package would give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses …

Column: The New Deal has lessons for the coronavirus crisis — but not the ones you think
4 years, 9 months ago

Column: The New Deal has lessons for the coronavirus crisis — but not the ones you think

LA Times  

As a student of the New Deal, I’m often asked what’s most surprising about what I learned. Here’s how he responded The term “socialism” has been enjoying something of a vogue lately, typically used to describe policies that were part of American mainstream politics as recently as the 1980s. Hopkins cherished a remark uttered by the wife of one of …

Health and wealth — where we've gone wrong on coronavirus
4 years, 9 months ago

Health and wealth — where we've gone wrong on coronavirus

ABC  

The footage was an extraordinary testament to human determination in the face of adversity. The $17.6 billion stimulus package announced last Thursday by Prime Minister Scott Morrison and Treasurer Josh Frydenberg, while a dramatic about-face on how to deal with an economic crisis, treated health care as a secondary issue. Most ignored ominous signs that financial markets — debt markets …

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