America’s financial future was definitely on the ballot this year. President-elect Joe Biden is set to inherit an economy that was absolutely battered in 2020.
We’ve seen record unemployment, businesses declaring bankruptcy and an eviction crisis. We’re also headed into winter, a time when Covid-19 is expected to claim the lives of tens of thousands more Americans, devastate hospital systems nationwide and potentially lead to another round of rolling lockdowns.
“There are things happening that very much feel like a runaway train when it comes to the U.S. economy,” said Stefanie Miller, managing director at FiscalNote Markets.
This year, pandemic policy is economic policy. A big part of Joe Biden’s message on the campaign trail came down to how he was the better person to combat the pandemic’s devastating impact on the economy. It’s a promise that experts say he’s going to need to deliver on fast.
“First and foremost, no one can really move forward without control over the pandemic,” said Dewardric McNeal, managing director at Longview Global. “The big rock in our rucksack is a stimulus deal.”
Striking a stimulus deal is only one part of Biden’s pandemic recovery plan. What he actually wants is something much bigger: for the country to spend over $7 trillion on initiatives such as infrastructure, which includes the creation of 10 million clean-energy jobs, and on housing, education, economic fairness and health care. He’s bundled all his ideas under the slogan Build Back Better.
The question now is: Will his plan work? Watch this video to learn more about how Biden plans to pay for all this — and whether Congress will support it.
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