Joe Biden might certainly be the last U.S. president who was born as a member of the “silent generation” demographic group who were children during World War Two, came of age in an economic boom that built middle class wealth, and made the function of the United States as the world’s most leading industrial power.
At the age of 78, the second half part of his life, He saw the share of national wealth going to that middle class fall and the gains from U.S. growth concentrate in a handful of regions.
With his plan of $1.9 rescue plan and $2 trillion investment package, he wants to reverse that half century trend and steer capital to neglected people and parts of the country.
Biden’s plan harkens to the Democratic leaders of his young adult years in the 1960s – President John Kennedy’s aspirational focus on public ventures such as the moon landing, or Lyndon Johnson’s Great Society push to strengthen the social safety net.
Economic Plan of Jeo Biden :
President Joe Biden campaigned on an economic platform to shore up the middle class, extend healthcare, raise taxes on the wealthy, and invest trillions of dollars in green energy infrastructure, among other issues. He has made plan to deal with the rising costs of battling the coronavirus pandemic and the economic damage it has caused.
America’s Rescue Plan :
President Joe Biden made of a formal announcement of his $1.9 trillion COVID-19 stimulus plan on January 2021. On March 2021, he made it a reality. Biden signed the $1.9 trillion piece of legislation passed by Congress promising $1,400 stimulus checks, extended unemployment, a vaccine rollout, and more, all part of the promises he made in Wilmington, Del., in January.
Biden said in his speech in Wilmington that “There is real pain overwhelming the real economy. You won’t see this pain if your scorecard is how things are going on Wall Street.” He referred to what many economists are calling a K-shaped recovery, adding that “the wealth of the top 1% has grown by roughly $1.5 trillion since the end of last year—four times the amount for the entire bottom 50%
After the signing of the American Rescue Plan into law, President Biden has proposed one more separate economic recovery plan of $2 trillion, which include investments in infrastructure, manufacturing, and other spending unrelated to COVID-19 to “create millions of additional good-paying jobs, combat the climate crisis, and build back better than before. The American Rescue Plan doesn’t mention tax increases, which mean the federal government, will pay for it with debt.
The main elements of the Rescue Plan are as follows:
- Direct aid ($1 trillion) : $1,400-per-person checks to supplement the $600 checks that went out recently. Extended emergency unemployment insurance through Sept, 2021, and additional funding for eviction and foreclosure moratoriums, set to expire March 2021. The plan includes $30 billion in emergency rent, $10 billion in mortgage assistance, and $5 billion in emergency assistance for the homeless. Childcare and food program funding along with an expansion of the child care tax credit for one year are also part of the program.
- Public health effort and reopening schools ($400 billion) : A $20 billion national vaccination program, $50 billion “massive” expansion of testing, hiring 100,000 more public health workers, $30 billion into the Disaster Relief Fund for PPE, $130 billion to open most schools by spring.
- Support local communities ($400 billion) : Help for governments dealing with revenue shortfall to keep front-line public workers on the job. Small business grants and loans. $20 billion for public transit agencies.
- Beefing up cybersecurity ($2 billion) : In the wake of the SolarWinds hack, which affected federal agencies, Biden wanted $10 billion to modernize and secure federal information technology. Congress approved almost $2 billion
$2 trillion proposal:
Joe Biden’s administration as shifts its focus to bolstering the post-pandemic economy proposed the $2 trillion infrastructure package.
The plan Biden outlined includes roughly $2 trillion in spending over eight years and would raise the corporate tax rate to 28% to fund it. Speaking about the plan he called it a vision to create “the strongest, most resilient, innovative economy in the world” — and millions of “good-paying jobs” along the way.
The White House said the tax hike, combined with measures designed to off shoring of profits, would fund the infrastructure plan within 15 years.
The proposal would:
- Put $621 billion into transportation infrastructure such as bridges, roads, public transit, ports, airports and electric vehicle development
- Direct $400 billion to care for elderly and disabled Americans
- Inject more than $300 billion into improving drinking-water infrastructure, expanding broadband access and upgrading electric grids
- Put more than $300 billion into building and retrofitting affordable housing, along with constructing and upgrading schools
- Invest $580 billion in American manufacturing, research and development and job training efforts
Joe Biden’s support to developing nations :
U.S. President Joe Biden announced that the U.S. would cut its greenhouse gas emissions by 50%-52% by 2030 relative to 2005 levels, in a clean break with the Trump administration policies on climate action.
Mr. Biden also made a announcement that the U.S. would double, by 2024, its annual financing commitments to developing countries, including a tripling of its adaptation finance by 2024.
The Biden administration is hoping to encourage other countries to increase their commitments. It is also seeking to bring America back into a leadership role on climate action after Mr. Trump had withdrawn the country from the Paris Agreement.
Mr. Biden’s financing announcements are part of a $100 billion a year commitment from developed countries to developing countries for the period 2020-25, “an investment that is going to pay significant dividends for all of us”, Mr. Biden said.
Americans view on Biden’s Presidency :
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