Bidens $1.9 Trillion COVID Relief

On Thursday, January 14, President Biden revealed his $1.9 trillion COVID-19 relief package known as the “American Rescue Plan.” This plan is aimed to help drive the United States out of the economic crisis caused by the coronavirus.

 It also shines light on getting students back in school and advancing racial equity according to the White House’s website, Whitehouse.gov.

The bill gives $400 billion to COVID-19 management, $1 trillion to direct relief, and $440 billions to businesses and communities severely impacted by the pandemic. Americans are supposed to receive $1,400 direct payments, which will be added to the $600 received in December equal $2000. Biden’s plan also encourages a federal minimum wage of $15. 

According to CBS, “The crisis of human suffering is in plain sight, and there’s no time to waste,” Biden said as he unveiled the plan Thursday evening from his transition headquarters in Delaware, “We have to act, and we have to act now.”

Reuter’s, a news organization, conducted a poll of 100 economists about their opinions on Biden’s relief plan. On an optional question on the survey, 42 of 46 economists who replied to the optional question, or just over 91% of them said it will boost the economy significantly. Fifty-one percent also predict a significant increase in inflation and 59% say the economy will get back up to its feet within a year of this plan going into effect.

The bill however, has just been passed by the House on February 5th, Vice President Kamala Harris being the tie-breaking vote.