Will Biden s COVID relief plan cause inflation?
US President Joe Biden s generous coronavirus relief package, to the tune of $1.9 trillion, has economists worried it will drive up prices and wreak havoc on the economy.
Some worry that the generous coronavirus relief package in the US will drive up consumer prices
US President Joe Biden on Thursday signed into law a $1.9 trillion (€1.6 trillion) coronavirus relief package bill, following its approval by Congress. One of the largest US federal aid packages since the Great Depression in the 1920s, the bill includes, among other things, funds earmarked to help schools reopen, to speed along vaccine production and distribution, and to help struggling state and local governments. It also provides $400 billion in direct payments of $1,400 each to most Americans and extra provisions for low-income families, including adjustments to a child tax credit that increases it from $2,000 to as much as $3,600 per child per year.
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WASHINGTON/SAN FRANCISCO (Reuters) - Good news came in a bundle this week for workers furloughed last year from the Walt Disney Co.’s California theme park.
FILE PHOTO: Walt Disney Co s Disneyland and California Adventure theme parks in Southern California are now closed due to the global outbreak of coronavirus in Anaheim, California, U.S., March 14, 2020. REUTERS/Mike Blake
The company said it would bring back a first tranche of 10,000 employees as it readies to reopen Disneyland in late April, and for those who don’t get that first round call or aren’t comfortable returning to work yet because of the pandemic, President Joe Biden’s stimulus bill, signed on Thursday, extends their unemployment benefits through the summer.
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BENGALURU (Reuters) - The U.S. economy will grow faster than previously thought and reach pre-COVID-19 levels within six months, according to a majority of economists polled by Reuters who however said unemployment would take well over a year to recover.
FILE PHOTO: Kathryn Boeker works at a coffee shop as the state of Texas lifts its mask mandate and allows businesses to reopen at full capacity during the coronavirus disease (COVID-19) pandemic in Houston, Texas, U.S., March 10, 2021. REUTERS/Callaghan O Hare/File Photo
Optimism was largely driven by the House of Representatives passing President Joe Biden’s $1.9 trillion relief aid in response to the pandemic, which has killed around 530,000 people in the U.S. and left millions out of work.
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