Biden's $1.9 Trillion Rescue Plan Set To Turbocharge U.S. Economy
3 years, 10 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 more money in people's pockets just as an improving pandemic outlook opens new avenues for them to spend it. Sponsor Message "The key engine of growth is going to be that powerful cocktail of both a healthier economy along with fiscal stimulus," said Gregory Daco, chief U.S. economist at Oxford Economics. toggle caption Tax Policy Center Rather than waiting for benefits to trickle down, the COVID relief package showers money on lower-income households, boosting income for the poorest 20% of families by an average of 20%, according to the Tax Policy Center's analysis, while top earners would see their income rise less than 1%.

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History of this topic

Biden looks to lay out ‘economic legacy’ in address hailing ‘soft landing’
4 weeks, 2 days ago

Biden looks to lay out ‘economic legacy’ in address hailing ‘soft landing’

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. Read our privacy policy President Joe Biden is set to explain how his administration’s …

'Costly': Economic expert warns $1 trillion at stake if Trump kills Biden's programs
1 month, 2 weeks ago

'Costly': Economic expert warns $1 trillion at stake if Trump kills Biden's programs

Raw Story  

A key economic expert laid bare the potentially devastating consequences to the U.S. economy if Donald Trump tries to unwind President Joe Biden's legislative accomplishments when he takes office. "The White House announced today that the infrastructure bills passed during the Biden administration have spurred over $1 trillion in private sector investments," posted Steven Rattner, an MSNBC economic analyst and …

Biden funded new factories and infrastructure projects, but Trump might get to cut the ribbons
1 month, 4 weeks ago

Biden funded new factories and infrastructure projects, but Trump might get to cut the ribbons

Associated Press  

WASHINGTON — All that’s left is for President-elect Donald Trump to put his name on it — if he wants. He will deliver.” Natalie Quillian, a deputy chief of staff for Biden’s White House, said that the administration’s programs are already starting to make a positive difference for the economy. “Over the coming months, we will continue to run through …

Biden laid groundwork for new factories and infrastructure, but Trump might get to cut the ribbons
1 month, 4 weeks ago

Biden laid groundwork for new factories and infrastructure, but Trump might get to cut the ribbons

LA Times  

All that’s left is for President-elect Donald Trump to put his name on it — if he wants. The unemployment rate is low, inflation is easing and President Biden’s administration has teed up a ready-made list of infrastructure projects that could go from theoretical to reality over the next several years. Trump said in September that he would “rescind all …

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 …

US economy grows at faster rate in nearly 2 years
1 year, 2 months ago

US economy grows at faster rate in nearly 2 years

Hindustan Times  

The US economy heated up more than expected in the third quarter, government data showed on Thursday, as a resilient job market helped boost consumer spending, holding off the prospect of a recession. The GDP pick up reflects "accelerations in consumer spending, private inventory investment, and federal government spending" among other factors, said the Commerce Department. - "The US economy …

Biden is eager to run on the economy — ‘Bidenomics’ — but voters have their doubts
1 year, 6 months ago

Biden is eager to run on the economy — ‘Bidenomics’ — but voters have their doubts

Associated Press  

WASHINGTON — President Joe Biden is eager to take full political ownership of the U.S. economy — a reflection of the White House belief that inflation is fading, job growth is solid and voters need to know about it. For him, there’s a happy confluence of the coming 2024 reelection campaign and a favorable turn in recent economic data, leading …

Biden sets up for an election fight with his budget proposal
1 year, 10 months ago

Biden sets up for an election fight with his budget proposal

Al Jazeera  

Biden’s proposal will face stiff opposition in Congress and has ‘little-to-no shot’ at becoming law, experts say. The White House refers to it as the “billionaire minimum income tax.” The budget includes a proposal to raise the corporate tax rate to 28 percent, higher than the current level but still below the 35 percent tax rate that prevailed before 2017 …

Biden sees economy avoiding recession, but risks remain
2 years, 1 month ago

Biden sees economy avoiding recession, but risks remain

Associated Press  

WASHINGTON — President Joe Biden assured Americans on Friday that the U.S. economy is chugging along in the holiday season, but the very strength of a new jobs report showed that high inflation remains a recession threat. “I’ve supported paid sick leave for a long time,” said the president, a staunch labor union supporter. “I’m going to continue that fight …

Biden’s budget plan: Higher taxes on rich, lower deficits
2 years, 9 months ago

Biden’s budget plan: Higher taxes on rich, lower deficits

Associated Press  

WASHINGTON — President Joe Biden announced a budget blueprint Monday that calls for higher taxes on the wealthy, lower federal deficits, more money for police and greater funding for education, public health and housing. Appearing at the White House with his budget director Shalanda Young, Biden said the proposal sends a clear message to the public about “what we value.” …

Column: The Biden economy is booming. Why aren’t Americans happier with it?
3 years ago

Column: The Biden economy is booming. Why aren’t Americans happier with it?

LA Times  

Federal Reserve Chairman Jerome H. Powell, speaking earlier this month. The pandemic continues to play a pretty significant role in what we’re seeing as the ebbs and flows of the labor market in general, but we’ve added over 6 million jobs this year. The second thing is that there is a competing story, and that’s inflation.” Shapiro notes that even …

Biden’s stimulus plan is fueling short-term inflation, SF Fed paper finds
3 years, 2 months ago

Biden’s stimulus plan is fueling short-term inflation, SF Fed paper finds

CNN  

New York CNN Business — President Joe Biden’s $1.9 trillion American Rescue Plan is contributing to elevated inflation but it isn’t expected to overheat the economy, a new research paper from the San Francisco Federal Reserve concludes. The SF Fed paper finds that the American Rescue Plan helped tighten the labor market and is expected to increase the Fed’s favored …

Biden’s sweeping agenda is unlikely to cause high inflation, Moody’s Analytics says
3 years, 5 months ago

Biden’s sweeping agenda is unlikely to cause high inflation, Moody’s Analytics says

CNN  

New York CNN Business — The bipartisan infrastructure plan and President Joe Biden’s $3.5 trillion proposal to widen the social safety net won’t cause runaway inflation if passed by Congress, according to a new report by Moody’s Analytics. “Worries that the plan will ignite undesirably high inflation and an overheating economy are overdone,” Mark Zandi, the chief economist at Moody’s …

U.S. President Joe Biden’s $6 trillion budget: Social spending, taxes on business
3 years, 7 months ago

U.S. President Joe Biden’s $6 trillion budget: Social spending, taxes on business

The Hindu  

President Joe Biden on Saturday unveiled a $6 trillion budget for next year that’s piled high with new safety net programs for the poor and middle class, but his generosity depends on taxing corporations and the wealthy to keep the nation’s spiking debt from spiralling totally out of control. With the deficit largely unchecked, Mr. Biden would use proposed tax …

Biden $6T budget forecasts a booming 2021 and publicly held debt climbing to $24 Trillion
3 years, 7 months ago

Biden $6T budget forecasts a booming 2021 and publicly held debt climbing to $24 Trillion

Daily Mail  

President Joe Biden's 2022 has released his $6trillion budget fueled by higher taxes that will be the biggest federal package since the Second World War - where the US will have to borrow 50 cents for every $1 they spend. President Joe Biden's 2022 budget calls for spending on infrastructure, education and health programs, and would see the accumulated debt …

Biden on dismal jobs report: ‘We knew this wouldn’t be a sprint, it’d be a marathon’
3 years, 8 months ago

Biden on dismal jobs report: ‘We knew this wouldn’t be a sprint, it’d be a marathon’

CNN  

CNN — President Joe Biden on Friday argued the US needs the kind of large-scale investments his economic proposals call for in the wake of a disappointing Friday jobs report that fell well below expectations. Biden said Friday the jobs report showed the US economy is “moving in the right direction,” but there is still a long way to go. …

Yellen: Biden’s phased-in spending plan won’t fuel inflation
3 years, 8 months ago

Yellen: Biden’s phased-in spending plan won’t fuel inflation

Associated Press  

WASHINGTON — President Joe Biden’s massive proposed spending on infrastructure, families and education will not fuel inflation because the plans would be phased in gradually over 10 years, Treasury Secretary Janet Yellen said Sunday. Some economists, notably former Treasury Secretary Larry Summers, have warned that the Federal Reserve’s current ultra-low interest rates, along with the Biden administration’s proposed $4 trillion …

US economy grows 6.4% in first quarter, jobless claims edge lower
3 years, 8 months ago

US economy grows 6.4% in first quarter, jobless claims edge lower

Live Mint  

US economic growth accelerated in the first quarter, fueled by massive government aid to households and businesses, charting the course for what is expected will be the strongest performance this year in nearly four decades. Gross domestic product increased at a 6.4% annualized rate last quarter, the Commerce Department said on Thursday in its advance estimate of GDP for the …

US: Biden to unveil $1.8 trillion family aid plan
3 years, 8 months ago

US: Biden to unveil $1.8 trillion family aid plan

Al Jazeera  

The White House called the proposal to expand educational opportunities and childcare for families a ‘once-in-a-generation’ plan. Marking his first 100 days in office, President Joe Biden is set to use his first joint address to Congress to pitch a $1.8 trillion investment in children, families and education that would fundamentally transform the role government plays in American life. In …

Biden unveils $2T American Jobs Plan to boost infrastructure
3 years, 9 months ago

Biden unveils $2T American Jobs Plan to boost infrastructure

Al Jazeera  

The White House is set to announce a massive plan for everything from highway bridges to electric-vehicle charging stations funded by tax hikes on corporations. “We’re good at building shiny new stuff,” Rick Geddes, a professor of infrastructure policy at Cornell University, told Al Jazeera. “I guess we’ve got another infrastructure week,” Robert Krol, a senior affiliated scholar for the …

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 …

Biden's $1.9 Trillion Rescue Plan: Vital Medicine Or Costly Overkill?
3 years, 10 months ago

Biden's $1.9 Trillion Rescue Plan: Vital Medicine Or Costly Overkill?

NPR  

Biden's $1.9 Trillion Rescue Plan: Vital Medicine Or Costly Overkill? If successful, his "American Rescue Plan" will help struggling families and businesses weather an unprecedented pandemic and provide a boost to a badly dented economy. "The question isn't whether we need big stimulus," former Treasury Secretary Larry Summers told NPR's Weekend Edition this month. Progressives also hoped to use the …

Treasury secretary Yellen says Biden's plan could restore full employment by 2022
3 years, 11 months ago

Treasury secretary Yellen says Biden's plan could restore full employment by 2022

Hindustan Times  

Treasury Secretary Janet Yellen said Sunday the country was still in a “deep hole” with millions of lost jobs but that President Joe Biden's $1.9 trillion relief plan could generate enough growth to restore full employment by next year. US Treasury Secretary Janet Yellen listens as US President Joe Biden delivers remarks on the state of the economy during a …

Larry Summers Has Some Weird Fears About the Biden Relief Plan
55 years ago

Larry Summers Has Some Weird Fears About the Biden Relief Plan

Slate  

Former Treasury Larry Summers has concerns about President Joe Biden’s coronavirus relief plan, which he broadcast in a Washington Post op-ed on Thursday. The main economic issue Summers raises is that Biden’s proposal is so immense that it could lead to a problematic amount of inflation. And Chair Jerome Powell has said the central bank isn’t going to hike rates …

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’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 …

US economy: Joe Biden doesn’t have a magic wand to fix it
3 years, 11 months ago

US economy: Joe Biden doesn’t have a magic wand to fix it

CNN  

New York CNN Business — Joe Biden last week proposed a $1.9 trillion stimulus bill, part of a historically ambitious plan to combat an economic crisis. “This is a very large package, but it’s about helping the economy hang together as well as it can hang together until the end of the pandemic,” said Mark Zandi, chief economist at Moody’s …

Biden’s aid plan could revamp economy, prompt GOP resistance
3 years, 11 months ago

Biden’s aid plan could revamp economy, prompt GOP resistance

Associated Press  

BALTIMORE — The $1.9 trillion rescue plan unveiled by President-elect Joe Biden offers the chance to sculpt the U.S. economy toward the Democrats’ liking: a $15 minimum wage, aid to poor families and federal dollars going to public schools. “But President-elect Biden is an astute student of the Senate and negotiations and I have a feeling that they would expect …

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 …

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