3 reasons why Biden is ready to fight for his stimulation program
There are at least three reasons President Biden is likely to go to the mat for his stimulus package.
President Joe Biden’s $ 1.9 trillion stimulus proposal is undeniably huge and includes a long list of goals. The plan includes money to increase the rollout of COVID-19 vaccines, reopen schools, expand unemployment benefits that expire on March 15, and send another round of direct stimulus payments to most Americans. While Biden has said he’s ready to compromise with Republicans pushing for a smaller package, he will likely fight to keep much of it intact. Here are three reasons why:
1. Lessons from the past
The current president was once Vice President Joe Biden, a member of the Obama administration. When he and President Barack Obama took office in January 2009, they were immediately faced with the task of pulling the country out of the Great Recession. Then, like today, some members of Congress categorically opposed the administration’s proposed $ 1.2 trillion stimulus package.
What was finally passed by Congress in 2009 was a $ 787 billion stimulus bill, far less than many economists said at the time. From age 12, most economists now agree that the small size of the stimulus package prolonged the Great Recession. Perhaps this is why, according to The New York Times, more than 200 members of the Obama administration recently signed an open letter urging Congress not to cut Biden’s stimulus bill.
The number one reason Biden is unlikely to bend too much on an estimated $ 1.9 trillion stimulus package is because he has seen what happens when too little money is poured into a struggling economy. . While the 2009 stimulus package helped, it didn’t go far enough.
2. Support from economic leaders
While economists are divided over whether a $ 1.9 trillion stimulus package is too much or too little, some leading economists, like Paul Krugman, say the danger is not doing enough . According to Krugman, if the plan turns out to be too big, it can be reinstated. If it’s too small, there’s no second apple bite. The administration cannot realistically come back and ask for more.
In addition, more than 150 top executives from all major U.S. industries have signed a letter of support for the president’s relief program, according to CNN. Executives from investment firms like Goldman Sachs, tech firms like Intel, and airlines like United sent the letter to executives in Congress. He said in part, “Congress should act quickly and on a bipartisan basis to authorize a stimulus and relief package modeled on the US bailout package proposed by the Biden-Harris administration.”
With some of the biggest names in business and economics claiming the Biden plan is precisely what the country needs to get back on its feet, Biden is unlikely to settle for much less than $ 1.9 trillion. dollars.
3. Support from the American public
Polling organization Navigator Research recently published a poll conducted among registered voters between February 11 and February 15. With a 3% margin of error, the poll found that 73% of all Americans support Biden’s stimulus proposal, including 53% of Republicans. .
Given the highly partisan atmosphere we live in today, it is quite an achievement that a majority of registered voters agree on a given issue. Additionally, a Quinnipiac University poll in the first week of February found that 64% of Republican voters support Biden’s proposal for $ 1,400 in direct payments to bank accounts.
The Biden administration will not lose all-round support for the president’s plan. No matter how much the GOP complains about a growing deficit or encourages people to bounce back, it looks like Biden has plenty of reasons to defend his stimulus proposal.
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