US Stimulus: Biden Era to Open with a Fiscal Bang

Joe BIden speaks at a rally outside his campaign office in Council Bluffs, Iowa. Please attribute to Matt A.J. is used elsewhere., modified,

The US stimulus bill is set to grow once the Biden era begins on Thursday.

On tap is another $1.9 trillion injection into the US economy, adding to the $3 trillion package passed earlier in the pandemic and the ‘scaled back’ $900 billion package agreed to in December.

The plan will provide an additional payment of $1,400 to those who made up to $75,000 last year, supplementing the $600 monthly payment implemented last month, accounting for some $465 billion in new federal spending. Another $350 billion will go toward extending emergency jobless benefits of $400 per week.

The plan also earmarks $350 billion in fiscal relief for local governments that are deeply in the red and at risk of laying off thousands of public sector workers. Some 1.4 million local government workers have lost their job since the pandemic hit – a significantly higher rate than the layoffs that followed the Great Recession (721,000 public sector jobs were lost between 2009-2015).

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