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A crisis is a terrible thing to waste – and President-elect Joe Biden, emboldened by the Democratic Senate victories in Georgia, signaled in his speech Thursday night that he had no intention of spoiling this one.
Why is this important: The president-elect has rolled out a $ 1.9 trillion package for his coronavirus relief, but including billions in spending on cybersecurity, transit, wages, health care and other progressive programs.
What they say: Trumpian economist Stephen Moore calls it “a wishlist of $ 2 trillion of social programs the left has been trying to advance for 30 years.”
- He is correct on this point, although Moore is mistaken when he adds that “almost none of this has anything to do with the health emergency.”
Public health is a centerpiece of the plan, with $ 160 billion for a wide range of programs, including coronavirus immunizations, testing, treatment, contact tracing, personal protective equipment and more.
The preview: This bill is basically about spending rather than taxes, although there are extensions to the child care tax credit, the earned income tax credit, and some health care-related credits. .
In particular, it does not include any “payment”. Biden isn’t looking to raise anyone’s taxes to pay for this.
- The salaries, however, are there: The proposal includes a federal minimum wage of $ 15 and abolishes the lower minimum wage for people who earn tips. It also includes 14 weeks of paid sick, family and sick leave.
- Schools and public transportation systems get $ 170 billion and $ 20 billion, respectively, after being largely excluded from President Trump’s stimulus bills.
- E-health spending is included, with $ 9 billion to strengthen the Cybersecurity and Information Security Agency following Russia’s devastating hack.
- All in all, the package is an implied reprimand of the Trump administration and its otiosis attitude to the pandemic response.
The big picture: The coronavirus pandemic has created a K-shaped economic recovery. This proposal attempts to target Americans most affected by the crisis, including $ 400 a week in unemployment benefits extended through September. Moratoriums on evictions and foreclosures will also be extended until then.
- Racial justice figures prominently. Billions of dollars are earmarked for underserved populations, including health services on tribal lands.
- Billions more will go to help long-term care workers, who have been most affected by the disease and who are disproportionately women of color.
The bottom line: This proposal is not limited to supplementing the $ 600 in stimulus checks that Americans have already received with $ 1,400 more. It represents a decidedly progressive agenda, centered on a strong and growing federal government.
- If Biden manages to get him through, there is a lot more where these ideas came from. A second part, which could be even bigger, will attempt to execute its “Build Back Better” program of reorganizing the US economy for an environmentally sustainable future.
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