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Stimulus plans: the US accelerates

2021-03-08T23:46:37.253Z


Biden steps up on expansionary policies with a stunning new spending measure with clear social overtones


Senators applaud the final result of the vote on the rescue plan, this Saturday in Washington.

The first economic stimulus package of the presidency of Joe Biden - approved on Saturday by the Senate and pending the most probable confirmation in the House - supposes, on the one hand, a firm commitment to expansionary policies to fight against the economic crisis derived from the coronavirus and, on the other, sends an unequivocal message of social meaning to a working class especially affected by the situation.

Biden has put on the table an ambitious plan worth 1.9 trillion dollars (1.59 trillion euros) with policies that range from a check of 1,400 dollars for all citizens who earn up to 75,000 a year, to extend the $ 300 weekly supplement to normal unemployment benefits or new support for health coverage for laid-off workers, for vaccination programs, but also for education systems and other sectors.

It is not the first shock plan approved by the US - the previous ones were approved by the Trump Administration - and it is the fulfillment of an electoral promise by Biden, who had assured that he would implement measures of this type before reaching 100 days in the White House.

On Saturday, the date of the favorable vote in the Senate, 46 days have passed since he was sworn in.

It is clear that, as in the crisis of 2008, both the government and the US monetary authority have opted for expansionary policies;

this time, with overwhelming proportions.

The bet contrasts with the European attitude, which then opted for austerity and this time, for stimuli that, in general, can be defined as more timid.

Biden's new plan alone, the latest in a series, represents more than double the amount agreed by the EU for anti-crisis funds.

Europe, of course, has governments that also approve their national measures, but on the whole Washington is stepping on the accelerator with more conviction.

The US emerged from the 2008 crisis better than Europe thanks to a consistent stimulus plan, while the Old Continent opted for austerity.

Now, Washington is doubling down on that path.

Time will tell if he is right this time as well, but it certainly highlights certain European hesitations.

The latter are, in part, understandable due to the special nature of the community project;

less so, in some cases, on a national scale.

Beyond the quantities, the plan stands out for a marked social aspect that differentiates it from the previous ones.

The spectrum of measures covers that flank much more than the proposals of Trump and the Republicans.

Democrats have found a common denominator between the desires of their more progressive wing and their more moderate representatives.

The future will judge whether the plan is effective, but from the outset its approach seems appropriate.

Source: elparis

All news articles on 2021-03-08

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