President Bidens' $1.9 Trillion Stimulus Aid
Kilali Latter
Mr. Roddy
IHSS
4 February 2021
President Biden proposed a $1.9 Trillion pandemic rescue package. This money is for expediting the rollout of COVID-19 vaccines, reopening schools, expanding unemployment benefits, and another stimulus check. This amount of money would put a lot of money into the economy and essentially overheat it. People are seeing this pandemic rescue package as either a good thing or a bad thing. The supporters of this stimulus aid view the effect of it overheating the economy as a good thing because it will correct the mistakes of the last recession and get a better economy quickly. It would also close the output gap which is a gap between actual activity and economic potential. People who are skeptical of this stimulus aid think it’s risky to implement this because of the implications for inflation, financial bubbles, and the sustainability of the national debt.
Currently, Republicans are trying to lessen the amount in the pandemic rescue package. Many feel that it an unnecessary amount considering that $900 billion of assistance has been passed already and because it is more than what is needed to fill the hole in the economy. There is also concern about its effect on the economy. The Biden administration feels that this is the best plan, becuase of the plausible benefits to the economy, the American people, and businesses. They also feel that it is best to act now rather than later. I can definitely see both sides of wanting and not wanting a $1.9 Trillion pandemic rescue package. We do not know how this stimulus aid will affect the economy and whether it will be negatively affected or not. On the other hand, this stimulus aid will fill the gap in our economy and get the U.S. back to a booming economy quickly. I do think that this should be passed through. While we are not aware of how it will affect the economy in the long run, I think that the benefits of implementing this now will make up for possible negative effects in the future. This stimulus aid is not just supposed to fill the hole in the economy, it will provide relief to businesses and people who desperately need it right now. This article is really important to the topic of Economics. It is important because a $1.9 Trillion pandemic rescue package will directly affect the U.S. economy if it is passed. This article also outlines the possible benefits and negatives of the stimulus aid, which is helpful so people can truly understand what this will mean for the economy. It is important for us to know about possible plans that will affect our economy because it will affect us as well.
Irwin, Neil. “America's Next Great Economic Experiment: What If We Run It Hot?” The New York Times, The New York Times, 29 Jan. 2021, www.nytimes.com/2021/01/29/upshot/biden-economic-stimulus.html.
Mr. Roddy
IHSS
4 February 2021
President Bidens' $1.9 Trillion Stimulus Aid
President Biden proposed a $1.9 Trillion pandemic rescue package. This money is for expediting the rollout of COVID-19 vaccines, reopening schools, expanding unemployment benefits, and another stimulus check. This amount of money would put a lot of money into the economy and essentially overheat it. People are seeing this pandemic rescue package as either a good thing or a bad thing. The supporters of this stimulus aid view the effect of it overheating the economy as a good thing because it will correct the mistakes of the last recession and get a better economy quickly. It would also close the output gap which is a gap between actual activity and economic potential. People who are skeptical of this stimulus aid think it’s risky to implement this because of the implications for inflation, financial bubbles, and the sustainability of the national debt.
Currently, Republicans are trying to lessen the amount in the pandemic rescue package. Many feel that it an unnecessary amount considering that $900 billion of assistance has been passed already and because it is more than what is needed to fill the hole in the economy. There is also concern about its effect on the economy. The Biden administration feels that this is the best plan, becuase of the plausible benefits to the economy, the American people, and businesses. They also feel that it is best to act now rather than later. I can definitely see both sides of wanting and not wanting a $1.9 Trillion pandemic rescue package. We do not know how this stimulus aid will affect the economy and whether it will be negatively affected or not. On the other hand, this stimulus aid will fill the gap in our economy and get the U.S. back to a booming economy quickly. I do think that this should be passed through. While we are not aware of how it will affect the economy in the long run, I think that the benefits of implementing this now will make up for possible negative effects in the future. This stimulus aid is not just supposed to fill the hole in the economy, it will provide relief to businesses and people who desperately need it right now. This article is really important to the topic of Economics. It is important because a $1.9 Trillion pandemic rescue package will directly affect the U.S. economy if it is passed. This article also outlines the possible benefits and negatives of the stimulus aid, which is helpful so people can truly understand what this will mean for the economy. It is important for us to know about possible plans that will affect our economy because it will affect us as well.
Irwin, Neil. “America's Next Great Economic Experiment: What If We Run It Hot?” The New York Times, The New York Times, 29 Jan. 2021, www.nytimes.com/2021/01/29/upshot/biden-economic-stimulus.html.
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