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There has been nothing quite like the pandemic aid bill in recent American history. It's roughly the same size as the combined total of the three legislative efforts to address the impact of Covid-19 last year. It dwarfs the $831bn American Recovery and Reinvestment Act, passed to address the Great Recession in the early days of the Obama administration (thanks in no small part to then Vice-President Biden's lobbying efforts). It is well over half of the $3.5tn that the US government brought in as revenue in 2019.
In pure government muscle, Biden's effort is more akin to US expenditure in World War II or Franklin Roosevelt's Depression-era New Deal programmes in size and scope. pgslot
With $1,400 payments to many Americans, extended unemployment insurance benefits and aid to businesses and state and local governments, the relief bill will unleash a gusher of money across the US. Combined with expanded rollout of the Covid-19 vaccine - which the legislation will also help fund - the US could be poised for a post-pandemic rebound of monumental proportions.
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2:36 AM
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