Findings, music, and occasional reflections by Paul Woodward

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To juice the economy, Biden bets on the poor

The New York Times reports:

To jump-start the ailing economy, President Biden is turning to the lowest-paid workers in America, and to the people who are currently unable to work at all.

Mr. Biden’s $1.9 trillion economic relief package, which cleared the Senate on Saturday and could be headed for the president’s signature in a matter of days, would overwhelmingly help low earners and the middle class, with little direct aid for the high earners who have largely kept their jobs and padded their savings over the past year.

For the president, the plan is more than just a stimulus proposal. It is a declaration of his economic policy — one that captures the principle Democrats and liberal economists have espoused over the past decade: that the best way to stoke faster economic growth is from the bottom up.

Mr. Biden’s approach in his first major economic legislation is in stark contrast to President Donald J. Trump’s, whose initial effort in Congress was a tax-cut package in 2017 that largely benefited corporations and wealthier Americans.

The “American Rescue Plan” advanced by Mr. Biden includes more generous direct benefits for low-income Americans than the rounds of stimulus passed last year under Mr. Trump, even though it will arrive at a time when economic and coronavirus vaccine statistics suggest the broad economy is poised to take flight. It is more focused on people than on businesses and is expected to help women and minorities in particular, because they have taken an outsize hit in the pandemic recession. [Continue reading…]

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