Bidens $1.9 trillion stimulus bill

President Biden has released his $1.9 trillion stimulus bill, though it is seen as being forced through Congress with no votes from the Republican party. The bill is called the “American Rescue Plan” and is the largest bill that has ever been passed in American history. Biden is being viewed as petty for an assumption that he wanted to release a larger bill than ex-president Trump, thus why he wouldn’t negotiate the amount of money that the bill would entail. President Biden is already viewed as petty by many American citizens for “taking credit of Operation Warp Speed.” Do i think Biden took credit for this no, i think he’s doing his job as president and progressing what Trump had started.

Congress is also set to pass an aid bill of $350 billion which has economists such as Larry Summers warning that the bill may be too big. This bill is set to go out to Democrat special interest groups such as teachers unions. The GOP opposed the ARP because there is still $1 trillion still unspent from earlier rescue packages, most of the money will not go out until next year. A tiny portion of the bill impacts vaccine availability and other urgent needs. The additional $2 trillion being added into the economy which is recovering as more jobs are becoming open, a job report showed that 379,000 people returned to work in February and that number is predicted to rise.

Summers stated to the Washington Post that “Wage and salary incomes are now running about $30 billion a month below pre-COVID-19 forecasts, and this gap will likely decline during 2021. Yet increased benefit payments and tax credits in 2021 with proposed stimulus measures would total about $150 billion – a ratio of 5 to 1.” Biden had dismissed the boom in homebuilding, retail sales and manufacturing keeping his $1,9 trillion bill looking very appealing and needed. Leftist economists such as Paul Krugman suggest that the slow recovery of the economy when Obama was in office was the cause of the $800 billion American Recovery and Reinvestment Act was too puny and not enough money.

Obama’s failures did not come for inadequate funding rather than endless costly rules, regulations, taxes and the Affordable Care act which paused employers from hiring. Biden believes he is avoiding the same mistakes as his predecessor though, it seems he is making the exact same mistakes. The bill for Obamacare only passed with Democrat votes and Biden has released multiple new regulations, programs and more taxes. He’s keen that this will help the economy while some economists disagree.  This will be one of the events where Americans will have to sit and watch how it folds out.