More Stimulus Coming? President Biden and Senate Democrats Press for Another $3 Trillion
In the wake of the latest stimulus package, US President Joe Biden is preparing new legislation that could lead to a massive $3 trillion program for domestic needs and infrastructure. Recent talks with Biden and the Senate Democrats have resulted in the political party’s Build It Better Than It Was campaign. Although some economists are optimistic about the future of the US economy, Treasury Secretary Janet Yellen said: The next stimulus package should be funded by higher tax rates.
Democrats in Senate and Biden call for infrastructure boost of estimated $3 trillion
The US government doesn’t seem to want to stop creating money, as discussions about passing a new stimulus bill intensified almost immediately after $1.9 trillion was passed a few weeks ago. While average Americans worry about purchasing power and inflation, central bankers and policymakers continue to look for ways to create new money.
US President Joe Biden reportedly met Monday with other Democrats to discuss a bailout package to fund infrastructure. According to observers from Marketwatch and the New York Times, the package will cover about $3 trillion and is intended to implement family-friendly policies and rebuild infrastructure such as hospitals and school programs.
After President Joe Biden and Congress recently approved the $1.9 trillion Covid-19 bailout, Biden and Senate Democrats are trying to put together another economic stimulus package, estimated to be worth about $3 trillion. Politicians say the money will be used for infrastructure development, Biden’s Build Better Than It Was campaign and the Democrats’ Green New Deal.
For a virtual meeting with Senate Democrats and Biden, Sen. Richard Blumenthal, D-Conn: We have to do it. Democrats, however, say Senate Republicans will not cooperate.
Numerous reports have also pointed out that the $3 trillion figure is the best estimate of the number of people who can afford to live on less than a dollar a day. The total amount of $13.5 million has not yet been determined and nothing in the new proposal is fully developed. However, according to the Associated Press, the global price tag that The New York Times reported on Monday has been circulating on Capitol Hill for weeks, since the beginning of Biden’s presidency.
House Speaker Nancy Pelosi told the group of Democrats to reach out to all their Republican colleagues to create a big, bold, transformative infrastructure package. Moreover, the House Speaker argued that such a package would help people in every zip code and create good-paying jobs for the future.
However, Biden’s Treasury Secretary Janet Yellen said the next stimulus will likely be price sensitive. The next stimulus package is expected to be funded by raising tax rates, Yellen said, and there are rumors that Biden’s plans could raise the corporate tax rate from about 21 percent to 28 percent.
Goldman and S&P Global are positive about the additional stimulus package, Republican leader Mitch McConnell calls the plan a Trojan horse for leftist politics.
Although the finance minister is talking about tax increases, Goldman Sachs economists have become more optimistic, and S&P Global’s chief economist says the stimulus package will help the economy. This week, Axios editors noted that Goldman economists recently revised their forecasts after the debate over stimulus measures flared up. Goldman now expects real consumption to rise 9.5% in the first quarter and 12.5% in the second quarter. According to Beth Ann Bovino, economist at S&P Global, the stimulus package will boost the economy.
The stimulus package helps build the bridge that will enable recovery on the other side, but investment in infrastructure is the fuel that drives the economy.
The Democrats are poised to spend another three trillion long before the ink is dry after Biden signed the last 2 trillion package. The party seems to be directly inspired by modern monetary theory (MMT).
Republican leader Mitch McConnell didn’t seem happy with the Democrats’ latest infrastructure proposal, he told the Senate floor Monday morning. After US President Joe Biden signed the latest $1.9 trillion aid package, McConnell told the audience that the tide of economic recovery has already turned. The American people had already built a parade headed for victory, McConnell said at the time. The Democrats just want to walk away from this parade and claim victory.
With economic activity on the rise, the Finance Minister’s warning of higher taxes in the future may come true. Meanwhile, a number of right-wing politicians have already spoken out against the Democrats’ latest attempt to secure another bailout package. Republican leader Mitch McConnell expressed anger Monday at the Senate proposal.
We’ve heard that there could be a so-called infrastructure proposal in the coming months that could actually be a Trojan horse for huge tax increases and other left-wing policies that destroy jobs, McConnell told his colleagues.
How do you feel about the US government approving a $3 trillion bailout, after approving the last $1.9 trillion a few weeks ago? Let us know what you think in the comments below.
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4. Stimulus Plan, Beth Ann Bovino, Bipartisan Stimulus Plan, Democratic Stimulus Plan, Economy, Goldman Sachs, Joe Biden, Mitch McConnell, Nancy Pelosi, Republicans, S&P Global, Stimulus
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