Every American Will Get Rs 1 Lakh As Part Of Economic Stimulus Of $1.9 Trillion
In order to revive the country’s economy as well as to combat the covid-19 virus, Joe Biden, the president elect of United States on Thursday announced a USD 1.9 trillion plan. Biden said that “We have no time to waste when it comes to getting this virus under control and building our economy back better”.
“We need to tackle the public health and economic crises we’re facing head-on. That’s why today, I’m announcing my American Rescue Plan. Together we’ll change the course of the pandemic, build a bridge toward economic recovery, and invest in racial justice” he added.
Sputnik quoted from a release issued by Biden’s transition team that the Biden plan will ask Congress to approve up to USD 400 billion to combat the novel coronavirus so it can establish community vaccination sites across the United States and boost testing and tracing.
“America Rescue Plan” is hailed as an ambitious plan but also achievable says the team. The plan mainly is about the revival of American economy and beating the Covid-19 virus. “Congress should act expeditiously to help working families, communities, and small businesses persevere through the pandemic” it further said.
The Biden plan has increased the weekly federal benefit to $400, which was earlier 300$. This will extend through the end of September.
Those who have exhausted their regular jobless benefits, self-employed individuals and gig workers are the ones who will gain the most from it.
Other Key Elements of “America Rescue Plan”:-
In a proposal that could alienate Republicans, Biden is calling to more than double the federal minimum wage to $15 an hour from $7.25, also seeking to end the tipped minimum wage used widely by restaurants and the hospitality industry. At $2.13 an hour, it gives lower minimums to employees that get tips.
In the paid leave context, Parents and family members caring for sick relatives or out-of-school children could receive more than 14 weeks of paid sick and family leave. This is believed to extend to 106 million workers.
The plan would provide benefits of as much as $1,400 per week and tax credits for employers with fewer than 500 employees to reimburse them for the cost of the leave.
In an attempt to expand tax credits for low- and middle- income families, the plan proposes to expand the child tax credit to $3,000 from $2,000 for each child 17 and younger, whereas those under age six would be eligible for $3,600.
As a plan to help parents, especially women, to rejoin the labor force after they dropped out to care for children learning at home, a plan of $170 billion has been made to help K-12 Schools, Colleges and universities to stand back on their feet. This includes $5 billion fund for governors to direct help to schools most hard-hit by the virus.
$30 billion would be extended to help low-income households who have lost jobs pay rent and utility bills. The plan would also provide $5 billion to states and localities to offer emergency housing for families facing homelessness.