Washington, January 25: Upon assuming office, new US president Joe Biden ended up signing a batch of executive orders including a prominent one to fix the country’s economy, that is, boost economic relief via boosting the US economy that has been almost ruined by the pandemic leaving roughly 18 million Americans out-of-job. Few days into his presidency, Biden announced the launch of an economic plan aimed at reviving the country’s economy. Aptly named “The American Rescue Plan”, the project aims at providing the required economic relief for millions besieged during the coronavirus pandemic that brought the economy to a complete standstill for months at a stretch.
In his words, “We are going to finish the job of getting a total of USD 2,000 in direct payments to folks, USD 600 which was already passed is simply not enough if you still have to choose between paying your rent and putting food on the table.” He further went onto say that “We cannot, will not let people go hungry. We cannot let people be evicted because of nothing they did themselves. … We have to act.”
Economic Revival Plan – Boost Economic Relief
The president said that under his economic revival plan, the economy would bounce back with complete employment within a year. On January 15, while declaring the $1.9 trillion Covid-19 incentive plan to revive the country’s economy, Biden said that millions of Americans have lost their respect and dignity that comes with a job, mostly through no fault of their own. Nearly 18 million Americans are still dependent upon unemployment insurance and almost 400,000 small businesses have been forced to wrap up operations completely owing to the pandemic.
Explaining further about his economic rescue plan, Biden said, it’s not just about meeting the moral obligations to treat fellow Americans with respect and the dignity that they deserve but also an economic imperative, a rising economic agreement where everyone must act decisively in order to grow the economy for all. Biden further stated that insurance benefits for the unemployed will be extended for several workers way past the deadline that is currently set. Extension of the deadline implies that millions of Americans currently dependent upon unemployment benefits can fall back upon these checks while continuing in their process of job search. Biden said that his “rescue plan” will address the increasing residential property or housing crisis in the country. As surprising as it may sound, 14 million Americans have fallen behind rent and many even risk evictions from the property where they currently reside.
The Advantages- Will it Help?
Biden mentioned that the administration has already been directed to extend nationwide restrictions on foreclosures and evictions. These crises over time have been straining budgets of states, cities, and tribal communities. Over the last year, more than 600,000 educators ended up losing their jobs across towns and cities. He emphasized that the American Rescue Plan would make available emergency funding to ensure that essential workers have their jobs. The plan will also help small businesses to gradually bounce back that happen to be the engines of economic growth.
Aimed at lifting Americans below the poverty line and ensuring overall wellbeing, Biden stated, “No one in America should work 40 hours a week, making below the poverty line; $ 15 gets people above the poverty line.”
Owing to the pandemic, more than 10 million Americans are currently out of employment, 14 million renters have failed to pay their rents, and at least 29 million adults and eight million children are struggling in terms of food insecurity, a fact sheet from White House clearly states. Needless to say, that the US has been one of the worst affected countries by the coronavirus pandemic.
With the new government and administration in place, Americans remain hopeful about a new day.
Sources: New York Times, Economic Times
