Biden $1.9 Trillion Stimulus Package
By MacKenzy Pierre
The estimated reading time for this post is 96 seconds
- $1,400 checks to American families
- $350 billion aid to states and local governments
- $160 billion for vaccine distribution
- $400 extend and enhance jobless benefits
President-elect Joe Biden released his big economic stimulus package. The $1.9 trillion COVID response package will be the sixth stimulus package since the pandemic.
What’s in the American Rescue Plan
The American Rescue Plan will send eligible Americans $1,400 in addition to the $600 that most American families are already getting from the last stimulus package.
The president-elect expects that the $1.9 trillion spendings will jump-start the economy and get the novel coronavirus under control.
During a prime-time address on Thursday evening, the president-elect said that “It’s not hard to see that we’re in the middle of a once-in-several-generations economic crisis with a once-in-several-generations public health crisis. A crisis of deep human suffering is in plain sight, and there’s no time to waste,” he continued. “We have to act, and we have to act now.”
Those getting pandemic unemployment assistance will see their benefit increases from $300 each week to $400 until September 2021.
Will the Economy Needs another Stimulus Package after American Rescue Plan?
According to the Bureau of Labor Statistics, the unemployment rate was unchanged at 6.7 percent.
However, nearly 5 million unemployed Americans just gave up looking for unemployment because they think they would not get a job. As a result, the U.S unemployment rate is really close to 11 percent.
The nearly $680 billion that the president-elect wants to provide to state and local governments, for a national vaccination program and to schools and colleges for reopening might protect local official wages and add a few thousand jobs.
Nearly 18 million workers are collecting state and pandemic unemployment assistance. The American Rescue Plan will increase the benefits from $300 to $400 each week, but the private sector needs to hire again. Therefore, it is not clear right now whether or not Joe Biden’s stimulus package will give the economy the spurt that it needs.
Senior Accounting & Finance Professional|Lifehacker|Amateur Oenophile
RELATED ARTICLES
Exploring the Financial Challenges of the Unbanked: Insights from the FDIC’s 2023 Survey
The estimated reading time for this post is 266 seconds Introduction In 2023, about 4.2% of U.S. households—equivalent to approximately 5.6 million families—remained unbanked. Despite years of economic growth and increased financial services accessibility, millions of Americans continue to operate...
Should You Rent vs Buy a Home? How to Decide.
The estimated reading time for this post is 327 seconds The question of whether to rent or buy a home has been overanalyzed by just about everyone with a calculator and an opinion. And yet, too many people still get...
2 Comments
Leave Comment
Cancel replySaving vs. Investing: What’s the Difference?
Exploring the Financial Challenges of the Unbanked: Insights from the FDIC’s 2023 Survey
Should You Rent vs Buy a Home? How to Decide.
Gig Economy
American Middle Class / Oct 30, 2024
US Economy Update
The estimated reading time for this post is 139 seconds The Bureau of Economic Analysis (BEA) report indicates solid economic growth in the third quarter of...
By FMC Editorial Team
American Middle Class / Oct 29, 2024
Zero-Based Budgeting: A Guide on Tracking Every Dollar to Maximize Savings
The estimated reading time for this post is 324 seconds Introduction: Why Zero-Based Budgeting? Have you ever gotten to the end of the month and wondered...
By Article Posted by Staff Contributor
American Middle Class / Oct 26, 2024
10 Credit Cards with the Highest Annual Percentage Rates (APR) on Purchases and Cash Advances
The estimated reading time for this post is 362 seconds When you’re on the hunt for a credit card, there are many things to consider—the rewards...
By Article Posted by Staff Contributor
American Middle Class / Oct 18, 2024
The Hidden Costs of Financial Procrastination
The estimated reading time for this post is 354 seconds You might think delaying your financial decisions isn’t a big deal. But let me tell you,...
By Article Posted by Staff Contributor
American Middle Class / Oct 17, 2024
What to Do If You Are Underwater on Your Car Loan
The estimated reading time for this post is 386 seconds Being underwater on your car loan can feel like you’re sinking financially, but you’re not alone....
By MacKenzy Pierre
American Middle Class / Nov 24, 2024
Saving vs. Investing: What’s the Difference?
The estimated reading time for this post is 173 seconds When managing your finances, two terms often pop up: saving and investing. But what’s the difference,...
By Article Posted by Staff Contributor
American Middle Class / Nov 15, 2024
Exploring the Financial Challenges of the Unbanked: Insights from the FDIC’s 2023 Survey
The estimated reading time for this post is 266 seconds Introduction In 2023, about 4.2% of U.S. households—equivalent to approximately 5.6 million families—remained unbanked. Despite years...
By FMC Editorial Team
American Middle Class / Nov 09, 2024
Should You Rent vs Buy a Home? How to Decide.
The estimated reading time for this post is 327 seconds The question of whether to rent or buy a home has been overanalyzed by just about...
By MacKenzy Pierre
American Middle Class / Nov 05, 2024
Creating an Emergency Fund: Why Everyone Needs One and How to Build It Quickly
The estimated reading time for this post is 331 seconds Introduction: The Safety Net You Can’t Afford to Ignore Life is full of unexpected events—whether it’s...
By Article Posted by Staff Contributor
American Middle Class / Nov 02, 2024
2025 401(k) limit: $23,500; IRA limit unchanged
The estimated reading time for this post is 191 seconds Maximize Your Retirement Savings in 2024: Key IRS Adjustments to Know Saving for retirement just got...
By Article Posted by Staff Contributor
American Middle Class / Oct 30, 2024
US Economy Update
The estimated reading time for this post is 139 seconds The Bureau of Economic Analysis (BEA) report indicates solid economic growth in the third quarter of...
By FMC Editorial Team
American Middle Class / Oct 29, 2024
Zero-Based Budgeting: A Guide on Tracking Every Dollar to Maximize Savings
The estimated reading time for this post is 324 seconds Introduction: Why Zero-Based Budgeting? Have you ever gotten to the end of the month and wondered...
By Article Posted by Staff Contributor
American Middle Class / Oct 26, 2024
10 Credit Cards with the Highest Annual Percentage Rates (APR) on Purchases and Cash Advances
The estimated reading time for this post is 362 seconds When you’re on the hunt for a credit card, there are many things to consider—the rewards...
By Article Posted by Staff Contributor
American Middle Class / Oct 18, 2024
The Hidden Costs of Financial Procrastination
The estimated reading time for this post is 354 seconds You might think delaying your financial decisions isn’t a big deal. But let me tell you,...
By Article Posted by Staff Contributor
American Middle Class / Oct 17, 2024
What to Do If You Are Underwater on Your Car Loan
The estimated reading time for this post is 386 seconds Being underwater on your car loan can feel like you’re sinking financially, but you’re not alone....
By MacKenzy Pierre
American Middle Class / Nov 24, 2024
Saving vs. Investing: What’s the Difference?
The estimated reading time for this post is 173 seconds When managing your finances, two terms often pop up: saving and investing. But what’s the difference,...
By Article Posted by Staff Contributor
American Middle Class / Nov 15, 2024
Exploring the Financial Challenges of the Unbanked: Insights from the FDIC’s 2023 Survey
The estimated reading time for this post is 266 seconds Introduction In 2023, about 4.2% of U.S. households—equivalent to approximately 5.6 million families—remained unbanked. Despite years...
By FMC Editorial Team
American Middle Class / Nov 09, 2024
Should You Rent vs Buy a Home? How to Decide.
The estimated reading time for this post is 327 seconds The question of whether to rent or buy a home has been overanalyzed by just about...
By MacKenzy Pierre
American Middle Class / Nov 05, 2024
Creating an Emergency Fund: Why Everyone Needs One and How to Build It Quickly
The estimated reading time for this post is 331 seconds Introduction: The Safety Net You Can’t Afford to Ignore Life is full of unexpected events—whether it’s...
By Article Posted by Staff Contributor
American Middle Class / Nov 02, 2024
2025 401(k) limit: $23,500; IRA limit unchanged
The estimated reading time for this post is 191 seconds Maximize Your Retirement Savings in 2024: Key IRS Adjustments to Know Saving for retirement just got...
By Article Posted by Staff Contributor
Latest Reviews
American Middle Class / Nov 24, 2024
Saving vs. Investing: What’s the Difference?
The estimated reading time for this post is 173 seconds When managing your finances, two...
American Middle Class / Nov 15, 2024
Exploring the Financial Challenges of the Unbanked: Insights from the FDIC’s 2023 Survey
The estimated reading time for this post is 266 seconds Introduction In 2023, about 4.2%...
American Middle Class / Nov 09, 2024
Should You Rent vs Buy a Home? How to Decide.
The estimated reading time for this post is 327 seconds The question of whether to...
Pingback: IS JOE BIDEN RELIEF PLAN TOO GENEROUS - FMC
Pingback: All You Need to Know About Biden Mortgage Modifications & Payment Reductions - FMC