Joe Biden's Economic Plan

 Isa Pedersen

Mr. Roddy

IHSS

3 February 2021

Joe Biden’s Economic Plan 

This article talks about many things, it talks about President Biden’s new economic plan, and how it will affect COVID-19 and fix the economy from what it was before. It delves into healthcare, education, and overall well being for the American citizens. The article talks about how Biden will affect taxes, insurance debts of all kinds. An unexpected thing this article goes into is Climate Change, and how it affects the economy. They focus mostly on the middle class, but definitely talk about the economic struggles of the lower class. 

  This article covers a lot of very important subjects. President Biden has proposed a plan to help the economy in the next 10 years. He has a 7 step plan that should help both the economy and American citizens. The first thing he wants to do is Help with insurance. He will provide health insurance for 97% of Americans, this should take place in the next 10 years. The second thing he wants to do is raise some taxes. He will raise 4 trillion dollars by doing so. He will raise the top tax to 39.6%, at ordinary rates tax capital gains, and raise the corporate tax to 28%. The third thing he wants to do is provide free college and forgive student loans for students who make up to $125,000. He also wants to help workers, he will do this by raising the minimum wage to 15$ an hour, and get rid of the “right to work” law. He will expand “Buy American” with government purchasing and subsidies, he will also use federal matching and incentives to help make american products more competitive. In the next 10 years he will invest in infrastructure, and spend about 1.3 trillion in that. The last thing is, in his first term as president, he will spend 2 trillion in clean energy. 

COVID-19 has highly affected our economy, most of it shut down during lockdown. This caused a major decrease in our economy. President Biden released his 1.3 trillion dollar covid stimulus plan. This will fix the plan Donald Trump had, and hopefully speed up the process of this pandemic. Other countries have already distributed the vaccine, and have a handle on this pandemic, but our formal president did not take the actions necessary to fix our current situation. Another issue is many people are now out of work because of Covid, Biden plans to create new jobs that will help fix our nation and give these families an income. After the pandemic, these jobs will focus on the climate crisis and how to fix it. Biden plans on spending lots of money to fix our nation. First he will spend 1 trillion dollars in Direct aid, secondly he will spend 400 billion dollars in health efforts and to re open public schools, he will spend 440 billion dollars to support our local communities, and finally he will spend 400 billion dollars to re enforce cybersecurity. 

Climate change was a surprising subject to come up in this article. Covid-19 had greatly affected the economy and the climate change, and in those ways climate change and the economy were linked. Greenhouse gas had dropped by a lot in 2020, but this was only because the population was dealing with COVID-19 and many economies came to a stop. Scientists believe Greenhouse gasses will rise again in the upcoming years. This will most likely help the economy, even though it will be terrible for climate change. 

Since this plan was only put into effect a couple days ago, not much has changed and we are not sure if this plan will succeed or not. It is interesting how much money we have to spend, in order to make more money. I would also like to know about the military, and how much money will go into that and how it will affect the economy. Over all I think this plan will most likely succeed, and I hope that it will also start to bring more attention to climate change and how to solve it. 

Work Cited

D'Souza, Deborah. “Joe Biden's Economic Plan.” Investopedia, Investopedia, 29 Jan.        

2021,www.investopedia.com/joe-biden-s-economic-plan-save-the-middle-class-4769869.