Biden’s Plan for Economy

The fate of America, and of the whole world, is changing again. On 6 November 2020 Joe Biden sent the now former US president Donald Trump home, with 50.7% of the vote compared to 47.7% of the latter. While Trump continues to claim on Twitter that he won, Biden wastes no time and focuses on the economic plan to get the economy of the country back on track.

A draft of the 46th president of the United States of America’s plan can be found on the site dedicated to his electoral campaign. The Biden Emergency Election Plan to Save the Economy is the headline that precedes the main points. And confronting coronavirus emergency is indeed the president’s absolute priority. 

In his program he promises to “use all available authorities, including the Defense Production Act to turn the tide on this pandemic”, arguing that there is no economic strategy that will hold if coronavirus is not stopped first. He is also keen to underline that the idea of having to choose between economy and public health is absolutely inconceivable, reiterating the need for a bold but cautious action plan. “It would be catastrophic to reopen everything without a plan” – says Biden – “the quickest and safest way to getting […] economy back on track” is to listen to experts’ advice. This means increasing testing capacity, making contact tracing more efficient if someone tests positive, and incrementing the ability to surge supplies  and equipment to any new hotspots. 

The second point concerns more guarantees for businesses and workers, through a task force that is directly responsible for ensuring that those in need receive the necessary financial aid – fast. The priorities in this matter would be:

• “Keep as many people on the payroll and make Americans whole for lost hours and wages.” Biden intends to expedite aids to all those companies that will commit not to lay off their employees, implement the work-sharing program already tested with Obama and finally increase unemployment benefits for those who are fired.

• Help small businesses by providing $377 billion that banks will use to lend money to businesses in order to allow them to pay salaries, rent and other expenses and stay in business. He also ensures that authorities will take charge of making sure that banks will provide such loans and that they will do it quickly.

• Enforce controls on big corporations. The priority is to make sure that companies seeking taxpayer assistance will use it for their employees and not to enrich executives and shareholders. Biden intends to do this through strong regulators on company accountabiity and worker protection in case of bankruptcy.

The third point calls into question the Congress for new laws and benefits that will add up to the decree approved by Trump to face the emergency. This included $1200 per person to support families. Biden, however, would like there to be aids designed also for student loan forgiveness, Social Security for seniors, free covid treatments, full paid sick leave and fiscal relief to states. 

In particular, ont the agenda there are additional checks to families who need them; forgiving $10,000 per student for student loans; $200 extra a month in social security checks; paid sick leaves; tests, treatments and an eventual vaccine totally free; fiscal relief to states so that workers and communities get the help they need.