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President-elect Joe Biden announces “trillion-dollar” COVID-19 economic relief plan

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Posted: Sunday, January 10, 2021. 3:06 pm CST.

By Aaron Humes: The New York Post says that as soon as he takes office – in 10 days’ time – president-elect of the United States, Joe Biden, will launch a COVID-19 economic relief plan worth “trillions” of dollars.

In his Friday announcement, Biden said he had hoped to keep the amount under a trillion, but “economic research confirms that with conditions like the crisis today, especially with such low-interest rates, taking immediate action — even with deficit financing — is going to help the economy.”

The relief plan intends to target both state and local governments and further support for those unemployed due to COVID-19. Cash payments of $2,000 denied under the package passed at the end of December will go forward as the Democratic Party is set to take control of the Senate from Republicans, after two run-off election victories.

“We need more direct relief flowing to families, small businesses, including finishing the job of getting people that $2,000 relief direct payment. $600 is simply not enough,” Biden said. He also plans to enact his campaign promise of raising the federal minimum wage to $15.

The last package, almost turned down by outgoing president Donald Trump, includes hundreds of millions in foreign aid and assistance, including to countries in Central America such as Belize.

(All figures in U.S. dollars)

 

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