Americans start paying 2.2 million won each… Biden’s Table 2086’Economic Vaccine’

US President-elect Joe Biden proposed the 6th Corona 19 stimulus package in Delaware on the 14th (local time). [AP=연합뉴스]

U.S. President-elect Joe Biden pulled out a large-scale economic stimulus plan against the spread of the new coronavirus infection (Corona 19) on the 14th (local time) before the start of the term. It means that the start of’Bidenomics’ was announced as an’economic vaccine’ worth 2000 trillion won.

Biden-elect proposed a Corona 19 stimulus package worth $1.9 trillion (about 2086 trillion won) through a public speech in Wilmington, Delaware. “Millions of Americans have lost their jobs, wages and dignity without their fault,” he said here. “The country’s health is in jeopardy,” he said. “There is no time to waste. You have to act now.”

Biden-elect named the’American Rescue Plan’ The economic stimulus plan contains the contents of supplementing and expanding the Corona 19 stimulus plan of 900 billion dollars (about 990 trillion won) passed last December. It plans to spend more than $1 trillion (about 1098 trillion won) in direct subsidies and unemployment benefits, $400 billion (about 439 trillion won) to combat pandemics such as vaccine payments, and $35 billion (about 384 trillion 300 billion won) to state support. Plan.

Funding for the Corona 19 vaccine program is also allocated in the stimulus package announced on the 14th by Biden-elect. Biden is planning to receive 100 million doses of vaccine by the 100th day of inauguration. [AP=연합뉴스]

Through this, they announced that they would give out cash of $1,400 (about 1.35 million won) to most Americans. If we add 600 dollars (about 650,000 won) of direct support per person passed through the congress at the end of last year, it becomes 2,000 dollars (about 2.2 million won). In addition, the unemployment benefit, which was supposed to give 300 dollars a week (about 330,000 won) until March next year, will be expanded to 400 dollars (about 440,000 won) by September.

It also put a goal of normalizing school classes after completing 100 million vaccinations by 100 days after taking office. A budget of 20 billion dollars (approximately 21,960 billion won) for the national vaccine program and 50 billion dollars (approximately 54.89 trillion won) to expand the corona 19 test will be allocated. In addition, it will provide $130 billion (about 142.1 trillion won) to educational institutions such as schools.

“I know this stimulus is expensive,” Biden said on the day. “But if we don’t do this, we’ll lose more.”

President-elect Biden also urged Congress to promote legislation that would raise the federal minimum wage per hour to $15 (16,500 won), which is twice the current level. However, this was not reflected in the budget.

Democratic House Speaker Nancy Pelosi and Democratic Senate Representative Chuck Schumer made a joint statement today, responding that “We will work to ensure that Biden’s vision is beyond the threshold of both houses.”

However, in order for Biden’s plan to become a reality, the Republican wall must be overcome. Concerned about fiscal soundness, Republicans have opposed massive stimulus measures.

Last year, the Democratic Party and the Republican Party passed a $900 billion stimulus package only in December after several months of tug-of-war over the 5th Corona 19 stimulus package. After that, at the proposal of US President Donald Trump, the House of Representatives, led by the Democratic Party, passed a bill that would raise the subsidies directly from $600 to $2,000, but the Senate was braked and frustrated. This is why Biden emphasized integration and speed, saying, “We need bipartisan cooperation and must move quickly.”

When the $2,000 increase in Corona 19 disaster support was blocked by the Senate wall, citizens who rebelled against it damaged the house of Republican Senator Mitch McConal on the 2nd (local time). [AP=연합뉴스]

Because of this It is predicted that this stimulus package will be the first test of the Biden administration’s political power. In the House of Representatives, which can be passed by a majority, the stimulus package can be passed only with the power of the Democratic Party, which occupies the majority, but the Senate requires cooperation from the Republican Party. 60 seats are required to neutralize the Senate’s filibuster (delayed intentions through unlimited discussions), because the Pan-Democratic Party and the Republican Party are dividing the seats from 50 to 50 seats.

In this regard, the New York Times (NYT) said that the Democrats are also considering a plan to neutralize Republican opposition through a “budget reconciliation”. This is a system that allows only the bills related to revenue and expenditures to be processed by a simple majority. In this case, it is possible to pass the Senate with only the power of the Democratic Party by adding a casting boat vote by Vice President Camela Harris, the chairman of the Senate.

Reporter Seok Kyung-min [email protected]