As Joe Biden was sworn in as the new American dream for a better tomorrow, discussions around his stimulus package are already doing rounds in the political circuit.
The bottom line drawn is that the seriousness and vow of delivery will entirely depend on the effectiveness of his stimulus package. According to a former economic advisor to Obama, Biden indeed has a tough task at hand as he is “inheriting among the worst crises a president has stepped into.”
An old saying goes that ‘the first 100 days tests the effectiveness of someone’s leadership’. Indeed, Biden will have all the opportunity to test his from the beginning. He would need to move in lightening speed, to repair damage and create some immediate buttressing of the fractured economy. Critics feel he has the right experience having worked under Obama as Vice President.
Reversing the damage course, as soon as he was sworn, he quickly signed off 17 executive orders. They included extending a pause on student loan payments, renewing an eviction moratorium, and rejoining the Paris climate accords.
There is hope when Biden makes announcements about collective strength and desire to bring together the bipartisanship and unite Americans after almost four years of divided chaos under Donald Trump. According to economists, there is a need for robust input of finances to help the economy to get back on its feet.
Biden has already introduced a $1.9 trillion pandemic relief plan last week building on an earlier federal rescue package. The plan includes relief provisions like enhanced unemployment insurance through September, aid to state and local governments, vaccine funds, and new stimulus checks.
Biden has also said he would unveil a second major plan during a joint session of Congress next month to unleash new federal investments into infrastructure, childcare and manufacturing.
Currently, the infection numbers in America have out past those even killed in the World War II, amounting to 4.5 million. Around 10 million less Americans have jobs due to the ongoing corona virus strain on the economy. Much of the economic burden has fallen squarely on women and minority communities, who have suffered larger job losses. Last week, employers have said to have shed 140,000 jobs, not making things any further pleasant that they already are.