President-elect Joe Biden will inherit a U.S. shaky economic recovery that’s showing new signs of buckling amid the escalating coronavirus pandemic.
With more than 10 million people unemployed, the economy is at risk of sliding more deeply into an already devastating recession or it could be on the precipice of expanding into a healthy recovery.
Much of the fate of the economic turnaround will depend on the new administration’s ability to commandeer and control the raging public health crisis from its current record levels of infections. U.S. spending cannot resume in a significant way until Americans feel safe enough to spend money, especially in sectors that depend on face-to-face contact, such as travel, restaurants and hospitality.
Just as critical will be Biden’s economic policy agenda and the degree to which stronger stimulus and spending programs are implemented to prop up the U.S. economy to prevent a catastrophic collapse before the pandemic begins to wane.
Biden to begin term pushing emergency relief, other ambitious economic plans
By Jeff Stein and Erica Werner
President-elect Joe Biden will arrive in Washington with an ambitious economic agenda topped with plans to prod Congress to pass a multitrillion-dollar coronavirus relief bill aimed at stabilizing the teetering economy and stopping the spread of the coronavirus.
Democratic Senate control gives Biden freer hand in pursuing tax agenda
By Yeganeh Torbati
Joe Biden ran for president on a campaign of raising taxes on the wealthy, corporations and estates, expanding tax credits for modest earners, and exempting individual taxpayers making less than $400,000 from tax increases. Biden wants to use the extra money to pay for a far-reaching domestic agenda, with new spending on health care, infrastructure, low-income schools and initiatives to combat climate change.