US presidential election Joe Biden has announced a 1.9 tonne economic relief package to boost the damaged American economy ahead of taking office next week.
The plan still needs to be approved before Congress is implemented, but Democrats have a slim majority in both the House and Senate, but the party has been in control of both Houses of Congress for the first time in 10 years. That was what Biden’s proposal was expected to pass if there was a bit of a fight from Republican senators who opposed its extraordinary costs.
The package includes $415 billion to support efforts to tackle the coronavirus pandemic, $440 billion boost for small businesses, $1,400 direct cash payments – 600 already approved last month In addition to dollars, all “qualified” US cash payments will help alleviate the financial burden of Covid-19.
In addition to this, Biden has pledged $2 billion to help Americans get vaccinated against the virus, and has set up large vaccination centers and mobile units that can be used to reach remote areas of the country. Money is being used to help. The package also includes an additional $50 billion to expand testing and $130 billion to help most schools reopen by spring, as well as a public of 100,000 people for contact tracing. You need funds set aside to help hire sanitation workers.
Currently, nearly 11 million people are unemployed nationwide, but Biden’s proposed package expects supplemental unemployment benefits to increase from $300 a week to $400 a week and extend until September. It will be done. Evictions and home seizures are also expected to be suspended.
Among Biden’s more popular pledges is plans to introduce legislation to Congress that could see the federal minimum wage double to $15 an hour. Republican Party.
Dow Jones was on the modest side on Friday morning despite the announcement of Biden’s stimulus plan, but actually slipped a bit, which is the best we’ve ever had since August 2020. It is likely due to yesterday’s news that it is rising to levels.
Connor Campbell, financial analyst at Spreadex, commented on the market’s weekend performance.
“The market view is that we are all doing well and promised all such stimuli. Now, Biden needs to get it through the unsteady, balanced and distracted Senate. If the next president can achieve that, investors may feel like celebrating.
“At this point, Dow Jones appears not ready to praise Biden’s stimulus plan, particularly in light of the unemployed claims on Thursday, bringing closer to 1 million for the first time since the end of August.
“Instead, the Dow has dropped by 100 points within the state of Belling, a loss that leaves it over 30,900.
“One thing that can change the complexion of this afternoon’s deal is US retail sales in December. Standard readings are set to rise from -1.1% to 0.0% per month. It has been increased from -0.9% to -0.1%. Either beat can put a smile on Dow’s face.”
