Traditionally, every new Democratic president starts passing a major economic package (and every new Republican president passes a tax cut). Jimmy Carter’s movie, in 1977, cost twenty billion dollars. Bill Clinton, in 1993, was essentially a tax increase with the goal of eliminating the federal deficit. The Barack Obama crisis, in 2009, which passed through the worst economic crisis since the Great Depression, cost eight hundred billion, some of which increased spending, and some tax exemptions.
The US bailout, signed by President Joe Biden last week, is on an entirely different scale. It will cost the government $ 1.9 trillion, although the economy is in better shape today than it was when Obama took office; And unlike Clinton’s Inaugural Economic Initiative, she is proudly indifferent to the size of the federal deficit. The bill’s most famous feature, its fourteen hundred dollar payments to individuals (which means many families will end up with much more), is only the beginning. There are also extensions to eligibility for unemployment benefits and food stamps; Debt relief for tenants; Subsidies to state and local governments that have run out of money, so they can continue to provide services; Bailout plan for insolvent pension funds; Health care benefits; And childcare benefits are nearly universal.