How will President-elect Joe Biden deal with our current economic situation? How much can families expect in additional COVID stimulus checks? Well, Joe Biden’s economic stimulus plan to combat COVID-19 has come out and we have a good idea how.As the curtain closes on a disastrous four years under President Donald Trump — with several hundred thousand people dead of COVID-19 and a disastrous coup attempt as major features — many people might be wondering how President-elect Joe Biden, who takes office on Wednesday, January 20, will plan to stimulate the economy. While President Trump inherited a healthy-enough economy from his predecessor former President Barack Obama, the COVID-19 crisis all but took a sledgehammer to the post-Recession, house-of-cards progress the country had built. As a result, many millions of Americans are out of work, facing eviction, behind on bills, and going hungry. And in the late evening of January 14, President-elect Joe Biden will reveal just how he plans to stimulate the economy — and get folks back to work — as the nation still reels from the setbacks of COVID-19 from a public health and economic perspective.The New York Times published key aspects of the plans in the hours ahead of Biden’s Thursday evening speech, and what we now see that what his massive, sprawling stimulus bill that could jumpstart the economy.Here’s what we know so far about President-elect Joe Biden’s COVID-19 stimulus plan, called the “American Rescue Plan,” which has a price tag of $1.9 trillion. Keep in mind that there’s likely a lot more in the plan than we’re currently aware of and that as more information comes out, we’ll get a good timeline of when the package could be passed, what will be in it, and what to expect.
$1,400 In Stimulus Checks — Not $2,000, As Promised
President-elect Biden will commit to giving more Americans more stimulus checks, a measure that is nearly a guaranteed certainty. Earlier in the day, Reuters suggested that Biden’s plan will have a commitment of $1,400 stimulus checks, and they appear to have been right. The $1,400 checks, it appears, are supposed to be a way of doing the math to get families that “$2,000 check” Biden promised on the campaign trail, as 600 + 1,400 = 2,000.
More Money For Kids, Families, Small Businesses
Earlier rumors suggested that Biden would back giving parents a $3,600 child care tax credit rebate to parents for each kid they have under six years old and up to $3,000 per year for each kid from six to 17. This echoes a campaign pledge he made, per WaPo, and would likely look like monthly payments of $300 and $250 a month, respectively, rather than at tax-filing. The New York Times also reports that Biden will give families up to $8,000 in tax credits to help offset costs of child care — these might be separate aid measures.
He Will Raise The Minimum Wage
An Emphasis On Communities of Color
Speaking to Reuters, anonymous officials suggested that Biden will focus heavily on underserved communities that have not received as much help during the pandemic. It appears, although it’s not confirmed, that he will focus on minority-owned small businesses that did not receive as much bailout money or grants as white-owned businesses did during the Paycheck Protection Program roll-out, and that there would be targeted relief towards these communities. This will be confirmed, in some form or another, this evening.
COVID-19 Vaccine Distribution Funding
Biden has long said that he would push for federal funding to help speed up COVID-19 vaccine distribution, which has been slow and ineffectual, leading to thousands of doses being thrown out and states well behind schedule in vaccinating their most vulnerable frontline workers and elderly citizens. Biden’s Rescue Plan includes $20 billion for a national vaccine program in which community vaccination centers become hubs for the drive: from gyms to sports stadiums. These could be staffed by FEMA Agents or National Guard members. He plans on releasing every available vaccine now — rather than holding some in stores.
Health Care Funding — Public Health Jobs Programs And More
Emergency Paid Leave To Hundreds of Millions of Americans
State and Local Funding
Biden will give $350 billion to local and state governments to help their budget shortfalls. This will help them retain educators, police, state and local workers, and more, without shutting down schools or cutting salaries and jobs.
Extended Unemployment Insurance That Automatically Renews
Biden is expected to extend unemployment insurance, which was just extended to March through the last stop-gap relief bill, until September, although it’s not clear if he will back the extra $300 federal unemployment payment or if he will push for more money to go to Americans. The New York Times also reports that Biden will work with Congress to create a system that automatically renews unemployment insurance — rather than leaving dozens of millions of workers in the lurch — until the economic hardship of COVID-19 has passed.
He’ll Have Another Big Spending Package On The Way
NYT This story is developing. Check back here for updates.
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