US President Biden: Economy is in Trouble

Stating that the US economy is still in trouble due to the coronavirus epidemic, US President Biden said that the stimulus package could solve this problem.

US President Joe Biden made statements about the economic outlook of the USA and the financial stimulus package to be given as part of the fight against the coronavirus (Covid-19) epidemic. Referring to the US employment data for January, Biden said, “It is very clear that our economy is still in trouble.” Noting that employment increased by 49 thousand people in January, Biden reported that more than 10 million people were unemployed in the country. Stating that the coronavirus (Covid-19) epidemic continues to harm the US economy, Biden stated that people have difficulty making a living, the rate of suicides and domestic violence has increased, and many people are driven into despair. Stating that the American people are seeking help from the government, Biden said, "It is our job to do this in order not to disappoint them. I will act quickly." Emphasizing that he wanted to implement the support package with the support of the Republicans, but they were not willing to do so, Biden said:

“I prefer to work together, but if I have to choose between helping Americans in pain right away and long negotiations, I will help the suffering American people.”

Explaining the details of the rescue plan, US President Biden reported that $ 160 billion was allocated to the national Covid-19 strategy for vaccine production and distribution. Biden said that a $ 1400 direct cash aid is also in the plan to complete the $ 600 cash support to $ 2,000, "I will not reduce the amount of the checks. It will be $ 1400. This is what was promised to the American people.” Announcing that they also allocated funds for food aid, Biden announced that the duration of the unemployment insurance, which will expire in March, will be extended until the end of September. In addition, Biden stated that the plan includes regulations on health insurance and rent support, minimum wage increase and support for safe opening of schools. Pointing out that the bailout plan will be a "real response" to the crisis the country is in, Biden said, “If we make these investments now, with interest rates at historically low levels, it will provide more growth, higher income, a stronger economy, and make our country's finances stronger.” Biden continued as follows:

“Today we need an answer to meet the challenges of this crisis. What the Republicans are suggesting is either to do nothing or to do it inadequately. Suddenly many have rediscovered fiscal constraints and concerns about the deficit. But don't fool yourself, this approach will come at a more painful cost.”

        In this article, Bloomberg HT contributes.