For several days, Americans’ attention has been focused on Joe Biden’s gigantic stimulus plan. It was adopted yesterday. With a dizzying sum: 1.9 billion dollars. To give an idea, this is the GDP of Italy in 2020.
The most immediate and concrete part of this plan, in a few days, possibly early next week: tens of millions of americans will get a check, or it will be credited directly to your account. 1,400 dollars per person, 2,800 per couple and another 1,400 per child. More exactly by dependent (it can be a dependent adult).
A couple with two kids you will receive like this $ 5,600. Suffice it to say, it will relieve many Americans. In particular, those who lost their jobs due to the health crisis.
350 billion distributed in the States
Of course, it depends on the income. But the ceiling is quite high. It’s $ 75,000. So until $ 75,000 gross income per year, you are eligible to receive the check. It is the IRS, the tax administration, who will distribute the money, they will not claim it.
But this money paid to Americans represents “only” 400 billion of the nearly 2 billion in spending. Where will the rest of the money go?
75 billion will be dedicated to everything that is vaccine production and vaccination campaign. More of 170 billion for schools. The recovery plan is also very focused on the family, the children. There will be tax credit for each dependent child. The plan is supposed to cut child poverty in half.
And then we are in a federal state, 350 billion will be distributed in all 50 states.
Joe Biden’s first speech
There’s also the extension of unemployment insurance. Have Democrats had to back down, especially on the federal minimum wage? As a reminder, in December, Donald Trump had signed a $ 900 million planand a year ago, at the end of March, another 2 trillion dollars.
It dates back to debate stirring economists. Namely, how can we repay these astronomical sums spent by all countries. Including France. In any case, the vote on this law and this ambitious plan is a political victory for Joe Biden.
Clearly yes, with the vaccination campaign going quite well.
This law was approved exactly 50 days after its inauguration. Tonight he plans to give a televised speech, his first. You will certainly welcome this stimulus plan. So it has a majority in the House of Representatives and the Senate. It is easier.
Republicans overwhelmingly against
And what it reminds us, even if it is far away, although a lot has happened since the importance of the last elections in Georgia. Democrats took the two remaining senatorial positions, it was played with 50,000 votes. And the Democrats won a majority by a narrow margin.
In any case, no Republican representative voted “in favor” yesterday afternoon. “By far one of the worst laws in history”, for the patron of republican senators. While for the Democrats: it is one of the most important laws of the last decades.
You see, the spectrum is very broad. In any case, the goal is to create 7 million jobs.