The president: «We will turn the page». In the package direct aid to families and strengthening of the tax credit for minor children
by Marco Valsania
The president: «We will turn the page». In the package direct aid to families and strengthening of the tax credit for minor children
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The first, ambitious legislation of the Biden era is history: the American Chamber has definitively approved the maxi-plan of aid to the economy worth 1.9 trillion dollars, which intends to accelerate the recovery and heal wounds and social inequalities aggravated by a long crisis from pandemic. The American Rescue Plan passed with a narrow party majority, 220 yes by the Democrats, who suffered only one defection, against 211 no led by compact Republicans. Thunderous applause from the majority welcomed the concrete and symbolic outcome of the vote.
On Friday, March 12, Joe Biden signed the plan in the Oval Office, calling it a “law that will turn the page in the pandemic and restart our economy”.
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The speech on Thursday 11 March
Biden will reclaim the importance of the legislation, passed 50 days after its inauguration, in a speech to the nation on the evening of Thursday 11 March and will likely sign on Friday. But the tough political confrontation that accompanied the process shows how the path of the next reforms of its agenda is uphill and that they would like to leave their mark on the economy, from the climate to immigration and infrastructure. The rare exception could become an anti-China project to strengthen the domestic manufacturing and technology supply chain.
Eight hundred billion for American families
Democratic Speaker of the House Nancy Pelosi called the plan “historical and transformative”; the republican leader Kevin McCarthy, denouncing excesses of government spending and interventions, replied “history will condemn you”. One figure encourages the Democrats: the package has widespread support as its pillar, calibrated in favor of assistance to the lower and middle-lower classes, and receives the support of at least 70% of the voters in Pew Research polls. Of the nearly two trillion total, about 800 are earmarked for payments to American families. First of all, the one-off checks of 1,400 dollars per person – for a total of 410 billion – which will reach those with individual incomes up to 75 thousand dollars and couples up to 150 thousand dollars. Added to this is the extension in September of US $ 300 a week extraordinary federal unemployment benefits. They are worth 246 billion and are added to state payments for the unemployed. Finally, there is currently a strengthening of tax credits for underage children for one year, transformed in turn into allowances: it will mobilize 143 billion with the effect of drastically reducing poverty, above all among the very young and communities of color.
Another 100 million doses of Johnson & Johnson vaccine
The range of direct aids, supporting essential consumption, appears to be central to a new, general drive for expansion: US GDP could accelerate this year at a pace of 6.5%, according to OECD estimates, and between 6% and 7. % also according to many US market analysts. Other influential voices are not lacking: the package allocates 123 billion for the fight against Covid-19, including tampons, production and distribution of vaccines, helping a complete reopening of economic activities without obstacles. The administration is trying to intensify the crusade against the virus: Biden has decided to purchase another 100 million doses of Johnson & Johnson vaccines by the end of the year, after having already indicated that by May there will be enough for the 260 million. of adult Americans.