In addition to Covid’s relief efforts, President Biden has long-term plans to get jobs back
President Joe Biden will meet with U.S. Senators to discuss infrastructure improvements in the Oval Office of the White House in Washington, DC on February 11, 2021.
Saul Loeb | AFP | Getty Images
Covid relief plan
Biden’s stimulus plan, currently under discussion in Congress, includes direct payments of $ 1,400 to most Americans and an increase in child tax credit for one year.
Biden also plans to increase the weekly unemployment benefit to $ 400 and extend it through September. A draft House Democratic proposal ends the benefits on August 29th.
The fate of a minimum wage of $ 15 in the president’s proposal is unclear. The Senate left it out of their version. However, House Spokeswoman Nancy Pelosi, D-Calif., Said this will be included in the House of Representatives package which will then be sent to the Senate.
Pelosi said she expected the house plan to be incorporated into law by the end of the month.
Look for the long term
FREDERIC J. BROWN | AFP | Getty Images
During the campaign, Biden made a number of promises to bring back jobs. Hamrick believes the president will not waste time addressing structural problems within the economy.
“He’ll move quickly knowing the clock is ticking for political opportunity,” he said.
In fact, the president met with lawmakers in the Oval Office on Thursday to discuss an infrastructure package.
Warning that China is aggressively outperforming the US on infrastructure, Biden said, “We just need to step up.”
The rebuilding of the country’s roads and bridges, as well as power grids and universal broadband networks, will also create new jobs. The same applies to the implementation of clean energy.
“We now need a Rooseveltian public works plan in this country,” said Marc Morial, President and CEO of the National Urban League.
“American companies will benefit from a strong infrastructure and stimulus program,” he said. “Most of the work in infrastructure is done by the private sector, the people who make steel, concrete and lumber.”
The key is that the plan is focused and that investments are made in black and brown communities, he said. It should include water systems, community centers, libraries and the expansion of broadband access. A percentage of the work should also go to black and brown workers, he said.
“There has to be an explicit intentionality of what is in the [infrastructure] Bill so these communities can benefit, “said Morial.
He’ll move quickly knowing that the clock is ticking for political opportunity.
Bankrate Senior Economic Analyst