Biden’s Stimulus Is the Dawn of a New Economic Era

By artappraiser on Sat, 03/06/2021 - 5:33pm |

Adam Tooze: Biden’s stimulus package “is more than a technocratic policy. It’s a Democratic triumph”: https://t.co/IJWUPXPJmA
— Daniel Steinmetz-Jenkins (@daniel_dsj2110) March 6, 2021

URL:

https://foreignpolicy.com/2021/03/05/bidens-stimulus-is-the-dawn-of-a-new-economic-era/

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NEW: Pres. Joe Biden on passage of the American Rescue Plan: "When we took office 45 days ago, I promised the American people help was on the way. Today, I can say we've taken one more giant step forward in delivering on that promise." https://t.co/TvqziFwAXc pic.twitter.com/AFkvfyn7OO
— ABC News Politics (@ABCPolitics) March 6, 2021

Following remarks in the State Dining Room, President Joe Biden tells reporters none of the compromises reached in passing the administration's Covid-relief bill through the Senate "have in any way fundamentally altered the essence of what I put in the bill in the first place." pic.twitter.com/TPjkvFj68c
— DJ Judd (@DJJudd) March 6, 2021

An exhausted Senate narrowly approved a $1.9 trillion COVID-19 relief bill as President Biden and his Democratic allies notched a victory they called crucial for hoisting the country out of the pandemic and economic doldrums. The vote was 50-49. https://t.co/nObp8UxGZD
— The Associated Press (@AP) March 6, 2021

SENATE PASSES THE COVID RELIEF BILL

It includes:

—$1,400 stimulus checks
—$300-a-week jobless benefits
—Child allowance up to $3,600
—$350 billion state/local aid
—$34 billion for ACA subsidies
—$14 billion vaccine distribution
—100% COBRA subsidieshttps://t.co/5SJCOV2rt1
— Sahil Kapur (@sahilkapur) March 6, 2021

The revised bill now goes to the House for consideration.
Here are the big provisions:
- $1,400 direct checks
- extended UI benefits at $300/week through Sept. 6
- $350 billion for cities, states, and tribes
- $170 billion for schools
- $100 billion for public health
— Grace Segers (@Grace_Segers) March 6, 2021

by artappraiser on Sat, 03/06/2021 - 5:48pm

heckuva quote, every Manchin basher should know about it:

A quote from late January that captures why Dems held together for the COVID bill. Joe Manchin is invested in this goal in a way that no Republican is. https://t.co/F87RetTaTj pic.twitter.com/ZJzIhyBLmH
— Sahil Kapur (@sahilkapur) March 6, 2021

by artappraiser on Sat, 03/06/2021 - 6:47pm

Nate Silver on Manchin:

He's Democrats' most valuable senator. Almost no way another Democrat holds that seat. He defects from the party fairly often but rarely when his vote would be decisive on major issues. https://t.co/W1sw9H53TC
— Nate Silver (@NateSilver538) March 6, 2021

by artappraiser on Sat, 03/06/2021 - 6:57pm

as broadcast on Fox News:

Biden: "I really want to thank the American people for making all this possible. How do they make it possible? Quite frankly, without the overwhelming bipartisan support of the American people, this would not have happened." pic.twitter.com/bv4UZxutZe
— Aaron Rupar (@atrupar) March 6, 2021

by artappraiser on Sat, 03/06/2021 - 7:44pm

In this intensely partisan atmosphere, we’re seeing what bipartisanship should look like, write @paulwaldman1 and @ThePlumLineGS https://t.co/ucr40yyOSG PostOpinions
— Dr. Joseph Frusci (@JFrusci) March 7, 2021

by artappraiser on Sun, 03/07/2021 - 1:30am

When thinking about ways this got shaved down, it’s worth remembering that when Biden first rolled out the $1.9 trillion request almost everyone assumed he’d need to settle for hundreds of billions less than that not just shave off some edges.
— Matthew Yglesias (@mattyglesias) March 6, 2021

exactly. in fact they managed to push this high opening bid through all but untouched
— Josh Marshall (@joshtpm) March 6, 2021

So Joe Biden's opening bid was 1.9 trillion and he got 1.9 trillion.

I'm beginning to think Joe Biden is good at politics.
— Grad School Imposter (@darinself) March 6, 2021

by artappraiser on Sat, 03/06/2021 - 8:12pm

Pretty daming criticism of the NYTimes especially since he's usually pretty lax about political clickbait:

It’s pretty damning that frippery and magooism like this gets published in the nations top paper pic.twitter.com/KTPE8IRswM
— Josh Marshall (@joshtpm) March 7, 2021

by artappraiser on Sat, 03/06/2021 - 8:17pm

OOPS: After Republican senators drew out the negotiations for the COVID bill into an all nighter, they dumbasses staggered off to sleep. Chuck Schumer briefly had a 2/3rds majority and was able to get cloture on Merrick Garland. Vote scheduled next week

pic.twitter.com/9IVKcZeE62
— chris evans (@notcapnamerica) March 7, 2021

Chuck was moving through that shit QUICK, FAST, and in a HURRY pic.twitter.com/ilpKMJgOKF
— chris evans (@notcapnamerica) March 7, 2021

Here’s the clip. Hickenlooper is cracking up laughing under his mask! https://t.co/CAUEkr5JLm
— Mike Harris (@DrMikeH49) March 7, 2021

I watched it happen live on C-SPAN. It was awesome.
— Bk Justice in Policing #KHive BidenHarris2020 (@bbkenn92) March 7, 2021

It was 3:09pm ET when the Covid bill passed, and about 5-10 min right after.
— Bk Justice in Policing #KHive BidenHarris2020 (@bbkenn92) March 7, 2021

by artappraiser on Sun, 03/07/2021 - 1:27am

While Trump was president, EVERY Democrat voted for the $2 trillion CARES Act, even though doing so helped Trump.

While Biden is president, ZERO Republicans voted for the $1.9 trillion American Relief Plan, because hurting Biden is more important than helping Americans.
— Brian Tyler Cohen (@briantylercohen) March 6, 2021

by PeraclesPlease on Sun, 03/07/2021 - 11:33am

It will be good to get the check once it is distributed.

by Orion on Mon, 03/08/2021 - 7:34am

Horse race coverage is killing democracy. https://t.co/QziJTzttDf
— emptywheel (@emptywheel) March 8, 2021

by PeraclesPlease on Mon, 03/08/2021 - 10:29am

Latest: US job postings on @indeed are 6.7% above pre-pandemic baseline, as of last Friday 3/5.

Up full point vs week earlier.

Led by sectors that make & move stuff. Also pharmacy, nursing, & medical jobs.

Good steady improvement!

(end; no blogpost this week) pic.twitter.com/37fKXPh1Rd
— Jed Kolko (@JedKolko) March 8, 2021

by artappraiser on Mon, 03/08/2021 - 5:35pm

wow, this is a major thing:

The stimulus package includes $86 billion to bail out failing pensions whose problems predate the pandemic. https://t.co/j7M5Rx1CTU dealbook
— Dr. Joseph Frusci (@JFrusci) March 9, 2021

by artappraiser on Tue, 03/09/2021 - 3:14am

I can’t remember a time when 75% of Americans agreed on anything. https://t.co/dXiXY0bX1x
— Rufus Gifford (@rufusgifford) March 10, 2021

by artappraiser on Wed, 03/10/2021 - 1:28pm

My understanding is that most working class Americans amass fortunes in the $11-23 million range and have been clamoring for this kind of assistance. https://t.co/our0C5EloT
— Matthew Yglesias (@mattyglesias) March 10, 2021

by artappraiser on Wed, 03/10/2021 - 1:48pm

Is actually like tri-partisanship, across the board, and the way it's supposed to be with the presidential role, representing the majority of voters across the nation, forget all that gerrymandering in the House and the way the Senate is rigged in favor of less populous states. The only segment not satisfied seems to be the fiscal conservatives:

President Biden has managed to circumvent Republican politicians and sign into law policies that are popular with Republican voters as well as Democrats. It's a true achievement and a true bipartisan one, with or without Republican politicians. Sh'koiach, Mr. President. https://t.co/XD0XvyHWrd
— Batya Ungar-Sargon (@bungarsargon) March 11, 2021

and a reminder that even Trump fans were pro-stimulus in many ways. Of course a lot of Bernie Bros types are still highly dissatisfied, but their leader is leaving them behind, very proud of being part of the bill.

by artappraiser on Thu, 03/11/2021 - 3:06pm

How the $1.9 trillion U.S. stimulus package compares with other countries’ coronavirus spending

by Adam Taylor @ WashingtonPost.com, March 10

[....] Just how much is $1.9 trillion on a global scale?

It’s big. To put it in context, Biden’s American Rescue Plan alone is larger than most countries’ annual economic output, running slightly behind Italy and ahead of Brazil according to 2019 data from the World Bank.

And it is only the latest U.S. measure. In December, Congress passed a $900 billion relief bill, on top of more than $2.5 trillion of aid authorized during President Donald Trump’s final full year in office.

The United States appears to have spent more than anywhere else on coronavirus relief. The U.S. economy is the largest in the world, so the country has more to spend.

Japan, which approved a $707 billion stimulus in December on top of two previous packages that amounted to $2.2 trillion, probably comes in second. However, some analysts take issue with Japan’s figures, saying they include more than just government coronavirus spending.

Comparisons can be tricky: In some countries, generous social safety nets that were already in place have kicked into gear during the pandemic, easing the need for massive spending pushes.

How does U.S. spending compare?

Ceyhun Elgin, a macroeconomist at Boğaziçi University in Turkey who has been leading a team tracking countries’ fiscal responses to the pandemic as share of gross domestic product, said that before Biden’s relief package the United States had committed to around 18.22 percent of its GDP — the 13th largest share among 168 countries being tracked [....]

by artappraiser on Wed, 03/10/2021 - 5:06pm

"We heard from people experiencing homelessness that there is a tremendous sense of urgency to get people off the street, and into homes.

"We have a once in a lifetime opportunity with the rescue bill to get people into housing quickly."

- Nan Roman at #NAEH2021
— End Homelessness (@naehomelessness) March 10, 2021

(found retweeted by housing expert Diane Yentl)

by artappraiser on Wed, 03/10/2021 - 5:13pm

$28.6 billion in direct restaurant aid:

How it started // How it’s going pic.twitter.com/v0xKxdmeql
— Matthew Yglesias (@mattyglesias) March 10, 2021

by artappraiser on Wed, 03/10/2021 - 5:23pm

pic.twitter.com/OaLIv4vA2m
— Bad Econ Takes (@BadEconTakes) March 10, 2021

by artappraiser on Thu, 03/11/2021 - 2:32am

Jim Clyburn funning:

President Biden signed the American Rescue Plan into law.

The House passed my bill to close the Charleston Loophole.

And I got a 10/10 on @ratemyskyperoom.

Today is a good day. https://t.co/S1PN7M1ICt
— James E. Clyburn (@WhipClyburn) March 11, 2021

by artappraiser on Thu, 03/11/2021 - 3:27pm

Bennet (D-Colo.) is the unsung hero of child tax credit/ allowance victory. Has been working to build support among Senate Dems for years. In 2019, co-sponsored a version with the first Republican lawmaker to endorse a fully-refundable CTC (Romney). Got Biden-Harris on board. https://t.co/pJlxwWDXlB
— Catherine Rampell (@crampell) March 10, 2021

by artappraiser on Thu, 03/11/2021 - 7:37pm

One year ago we were debating whether or not Joe Biden had dementia
— Bill Scher (@billscher) March 12, 2021

also see thread

I was so completely, utterly wrong about the Biden presidential bid, from the very beginning. I could not possibly have been more wrong.
— David Roberts (@drvolts) March 10, 2021

by artappraiser on Thu, 03/11/2021 - 8:02pm

Part of Biden's speech tonight was an effort to make the case that people should have confidence in government — a sentiment that would offer his administration some reward if it catches on. https://t.co/7PLUowvDse
— Philip Bump (@pbump) March 12, 2021

One of the under-recognized flips last year was in Fox polling: the percentage of Americans wishing that the government would offer them help increased dramatically. That includes among Republicans. https://t.co/7PLUowvDse pic.twitter.com/iYc5vqQoTp
— Philip Bump (@pbump) March 12, 2021

by artappraiser on Thu, 03/11/2021 - 10:12pm

the absurdity of the "fuck Joe Biden" socialist activists in places like Nevada and Portland really hits when you see an essay like this:

"Biden’s radicalism is not without reason. Or purpose. We desperately need a correction. A shift to the left in 2021 is completely defensible. But a shift this strong? On everything?"https://t.co/8vb8FHY80Q
— Andrew Sullivan (@sullydish) March 12, 2021

by artappraiser on Fri, 03/12/2021 - 3:19pm

Biden’s Stimulus Is the Dawn of a New Economic Era

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