President Joe Biden ran on a platform of economics to support the middle classes, improve healthcare, increase taxes for those who are wealthy and put billions of dollars into green energy infrastructure, in addition to other things. On the 11th of March 2021, Biden won his first significant economic victory by signing the American Rescue Plan Act in 2021 into law. But Biden and the president’s administration are also grappling with the increasing costs of fighting the coronavirus pandemic, and not in addition to the financial harm that it has caused. Here are the specifics on the president’s COVID-19-related stimulus program and the bigger policy goals. here we see Joe Biden’s Economic Plan Explained
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The Rescue Plan
On March 11, 2021 Biden made it a reality. Biden was the first to sign the $1.9 trillion bill that was passed in Congress just days earlier it was due to be signed, promising one-fourth of the cash incentives as well as increased employment benefits for the unemployed, vaccination rollout and more. It was all part of his promises gave during his visit to Wilmington, Delaware, in the month of January in 2021.
Biden referred to what economists have termed an "K-shaped" recovery in his speech, noting the fact that "the wealth of the top 1% of the nation has grown roughly $1.5 trillion since the end of last year--four times the amount for the entire bottom 50%."The funding of the fight against coronavirus, improving the social safety net for people who are at risk as well as helping local and state government agencies are the primary objectives that are the focus of the American Rescue Plan. Within the initial 100 days of his presidency the goal was to restore most schools and administer 100 million doses of vaccine administered. President Trump has spoken out strongly against concerns about deficits during the outbreak and has been praised by those who are progressive in his own party, like Senator. Bernie Sanders. We’ve highlighted a few of the key aspects in the American Rescue Plan below.
Direct Aid
The plan which was worth $1 trillion included checks of $1,400 to those with adjusted gross earnings below $75,000 (if married or single filing separately) and one hundred thousand dollars (if marital filing together) or $112,500 (for heads of households). These checks were designed to be a supplement to the check of $600 that was earlier issued.
Support Local Communities
This $400 billion part of the budget was designed to help governments that are facing revenue deficits to keep public employees working Small business grants, loans, as well as $20 billion to public transit agencies.
Infusing Cybersecurity
Following the SolarWinds hack which had impacted federal departments, Biden was seeking $9 billion in order for the purpose of modernize and protect Federal information technological systems. Congress has approved nearly $2 billion.
Healthcare
The official data obtained from the United States Census Bureau indicates that the rate of uninsured of 2019 was 9.2 percent, which was compared to the rate of 8.9 percent in the year prior. Between 2018 and the year 2019 the number of individuals with no health insurance fell in one state, however it was up in 19 other states. Overall, the amount of people without coverage for health for the whole year was lower, at 8 percent in 2019, in comparison to 8.5 percent in 2018.
Biden was vocal about Biden railed against the Trump administration’s numerous assaults against the Affordable Health Care Act. As president, he pledged to safeguard and strengthen the ACA.4 Although he is keen to make sure that health care is a right, not something that should be taken for granted however, he is not a fan of universal Medicare or the elimination of private insurance, as it could mean removing Obamacare and beginning over with negotiations with the political system. In the October. 15th election debate that Medicare-for-all will take more than 30 trillion dollars over the course of 10 years.
Taxes
President Biden is in favor of a pro-growth, progressive tax code. The plan is expected to generate nearly $4 trillion in extra income over the course of a decade. As per Tax Policy Center Tax Policy Center, “The top 20 percent of households (who have a median income of one-hundred dollars or greater) will bear almost 90% of the cost of Biden’s tax proposal and the top 1 percent would pay almost three-quarters.
Students Debt
In his campaign for the US presidential election in the United States, Biden was president. Biden would have made tuition for students earning up to $125,000 and who attend two- or four-year public universities and colleges. He planned to finance this by eliminating those with high incomes by repealing the “excess business losses” tax cut in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. “That tax cut overwhelmingly benefits the richest Americans and is unnecessary for addressing the current COVID-19 economic relief efforts,” the official said.
Workers’ Rights
Biden declared that he is committed to increasing minimum wage in the United States to $15, and he’s committed to raising the minimum wage to $15 and removing “right to work” laws. Biden also wants to grant workers greater bargaining power by eliminating “abusive” non-compete clauses, taking out clauses in contracts that prohibit employees from discussing their pay with one another, and preventing companies from defining low-wage workers as managers, thereby avoiding paying employees overtime.