Last night, President-Elect Joe Biden outlined his strategy to overcome the COVID-19 pandemic. While his plan is ambitious, it does mean big spending for the U.S. government. His relief plan will cost $1.9 trillion dollars, which does sounds like a massive amount of money, but it is worthwhile to save the millions of lives at risk in our country.
Since 2020, Congress has allocated $4 trillion dollars in federal relief aid, but it has proven to not be enough. Biden says that even though his plan is expensive, he warns that if the government were to fail to act, the cost would be even more catastrophic. In particular, Biden says that his relief plan will save small businesses, which he deems the engines of our economic growth. In his words, they are “the glue that holds communities together…but they are hurting badly.” According to Biden, small businesses account for half of the U.S. workforce. His rescue plan aims to provide flexible grants to help small businesses survive the pandemic, but it will also enable entrepreneurs to continue creating new jobs to strike down the unemployment rate.
Biden also states that, unlike the first time around, small businesses will be the top priority for federal relief. Specifically, minority-owned businesses. “We’ll focus on minority-owned small businesses, women-owned small businesses in finally having equal access to the resources they need to reopen and to rebuild.” This is fantastic news for every entrepreneur who struggles to overcome barriers in white and male-dominated industries.
For those who remain skeptical of Biden’s spending plan, he assures the U.S. government will be responsible with tax-payers dollars and ensure accountability that reduces waste, fraud, and abuse. In addition, Biden assures his plan will protect essential workers, extend unemployment insurance, and provide rent relief for anyone struggling to pay their dues.
What do you think of Joe Biden’s federal relief plan? Let us know down in the comments.
This article originally published on GREY Journal.