President-elect Joe Biden spoke Thursday night in Wilmington, Delaware, in a statement on a $ 1.9 trillion bailout plan for the U.S. economy hit by the coronavirus pandemic.
Biden’s strategy, dubbed America’s Salvation Plan, aims to speed up vaccinations, revive the economy and open schools.
Speaking in Wilmington alongside Vice President-elect Kamala Harris, Biden justified his stimulus proposals by stating that the United States urgently needs assistance with the ongoing Covid-19 pandemic, and the benefits to be derived from the plan are “much surpass costs. “
“This investment will return in the form of new jobs … which will prevent long-term economic damage and the benefits will far outweigh the costs,” Biden said during his speech. “In this crisis moment … we cannot afford to be idle.”
Details of the plan were released by representatives of the Biden-Harris transition team ahead of the president-elect’s speech. The plan will serve as a springboard for the recovery of the American economy after the coronavirus pandemic is brought under control, the statement said.
More than $ 400 billion will be spent on vaccinations, testing, new public health jobs, schools and family leave, and infrastructure to deliver 100 million doses of vaccine in the first 100 days of Biden’s presidency …
Part of eligible Americans will receive an additional $ 1,400 in direct payments. Jobless people will receive $ 400 federal unemployment benefits weekly through September 2021.
Biden’s plan also provides for an extension until September of the moratorium on the eviction of people from rented housing and the seizure by banks of property pledged for mortgages.
The federal minimum wage will be raised from the current $ 7.25 an hour to $ 15 an hour.
Agencies and companies in the field of public transport will receive $ 20 billion in aid, and grants and loans to small businesses will also be offered.
Nancy Pelosi and Chuck Schumer, top Democrats in Congress, commented on the details of the plan presented by Biden’s team, expressing gratitude to the president-elect.
“The American Emergency Relief Program announced today by the future Biden and Harris administration is the right approach (to address the crisis). This demonstrates that Democrats will finally have a partner in the White House who understands the need to take quick action to solve the problems of communities in need of help, ”Pelosi and Sumer said in a statement.