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Biden Proposes a $ 1.9 Billion Stimulus to Bail Out the Economy | The State

Biden proposes a $ 1.9 trillion stimulus to bail out the economy

The president-elect is planning a speech on his most immediate economic plan./File

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President-elect Joe Biden is proposing to Congress that they approve a bailout plan for the economy valued at $ 1.9 trillion (trillions in English, that is, 11 zeros after the nine).

It is an amount of which they will allocate $ 400,000 million to the efforts to stimulate a vaccination campaign, COVID tests and reopening of schools. The new Administration aims to reach 100 million Americans in 100 days. Current logistics do not allow those figures.

Almost a billion dollars is dedicated to direct aid to Americans so that they receive a direct check for $ 1,400 per person with which to complete the current $ 600 of the aid package approved in December. Additionally, they want to raise the payment of unemployment insurance to $ 400 more a week until September and avoid a bad transition from March when the current $ 300 per week approved in the same end-of-year package runs out.

The moratorium on housing evictions is to be extended until September and aid will be articulated for the payment of bills.

In this context and given the precariousness of the moment, the objective is to strengthen the social network by raising the federal minimum wage to $ 15 an hour for those who do not already have it at that level. According to sources close to the president-elect, Biden wants to banish the concept that someone who works full time is poor.

In this sense, hunger will be fought and solutions will be sought for the care of children, as well as instituting paid leave for emergencies.

The rest of the money, about $ 440,000 million, goes to help communities with special difficulties, small businesses, particularly those in the restaurant and bar sector.

Biden wants to transfer about $ 330 billion to the states and municipalities so they can serve their workers.

From the environment of Biden it is assured that these are urgent pragmatic proposals and that it is trusted that Congress, in which the president will have his party as a majority in both chambers, of the green light. In the Senate, the majority is weaker.

This amount is considered to be a bridge to reach a second phase of management, which is the recovery of the economy in which investments will be made for the future.


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