Biden's financial decisions for a month in power: how they will affect our wallets
Traditionally, the work of the newly elected US president is evaluated after three months of his inauguration with an informal review of the first 100 days. Although it is too early to judge his deeds, it says a lot about the new president's plans and his ability to implement them. Indeed, already in the first month of Joe Biden's presidency, a lot of actions take place. The publication told more about them. Go Banking Rates.
The predecessors of the current president were also active in the first month of their work.
For example, 42nd President Bill Clinton selected First Lady Hillary Clinton to lead the National Health Care Reform Task Force. He also signed into law the Family Sick Leave Act, which obliges companies to give their employees up to three months of unpaid leave for family and medical emergencies.
Following his inauguration, President Barack Obama immediately began work on a major economic aid package (the Great Recession was raging at the time) and signed an executive order to close the Guantanamo Detention Center.
In his first 30 days, President Donald Trump signed a five-year ban on lobbying a department after leaving public service for the White House and congressional officials and removed a number of rules.
And 46th President Joe Biden did a lot in his first month. His job is not easy - he is busy with the pandemic that is still wreaking havoc on the country, as well as the economic fallout that makes the Great Recession look like an easy walk for many Americans.
So what did Biden manage to do, what else can we expect from him in these early days, and how does his actions affect our wallet?
1. Made efforts to provide emergency funding
"In America today, the situation is reminiscent of the time between Franklin Roosevelt's election and taking office," said William Bike, political consultant and author of Victory in Political Campaigns. - From 1932 until he took office in 1933. Those months were the worst depths of the Great Depression, as outgoing President Herbert Hoover and new President Roosevelt had no authority to do anything, and conditions deteriorated sharply. "
But Biden is doing everything he can to prevent further deterioration.
“On January 22, just two days after taking office, Biden issued an executive order to begin a nationwide effort to provide emergency economic assistance to people who have lost their jobs and are struggling to feed their families,” Bike recalled. - USDA will expand federal nutritional assistance programs; The Department of Finance will expedite the provision of financial assistance to those who are eligible; US Department of Veterans Affairs suspends collection of federal debt payments; The US Department of Labor allows employees who refuse to work in unsafe conditions to receive unemployment insurance; and the government is creating an interdepartmental structure for coordinating benefits so that those who are eligible receive them faster. ”
2. Extended the moratorium on alienation of foreclosures
“The first month of Biden’s presidency has already impacted American financial lives,” said Lauren Silbert, vice president and general manager of The Balance. "The moratorium on foreclosures has been extended until the end of June, and if the homeowner is already registered in the program, they can apply for an additional three-month extension."
Silbert said the expansion should bring relief to some 600 homeowners.
3. Ready to sign a $ 1,9 trillion rescue plan
“In the short term, President Biden's plan to improve the economy revolves around controlling the COVID-19 pandemic,” said Michael Bonbright, an analyst at DealNews.com. - Biden should be able to sign the proposed $ 1,9 trillion bailout plan within the next few weeks after House and Senate approval. The details of this plan are still being finalized, but we know: the administration wants it to include a third round of quarantine payments and more. Direct payments will certainly bring a little more money into the pockets of consumers though. The biggest way Biden could improve the financial situation of Americans is to aggressively step up vaccine introduction. Until we achieve collective immunity, consumer confidence will remain low as so many people face unemployment, lack of job security, lack of childcare and the threat of COVID-19-related medical debt. ”
4. Seeks to increase the amount of unemployment benefits
"According to the plan, the federal unemployment benefits will be increased from $ 300 to $ 400," said Michael Garbade, founder of the Ledu Education Ecosystem and member of the public project National Coronavirus Hotline (NCH). - Moreover, the bailout plan will affect two more unemployment programs: the unemployment compensation program (PEUC) in the event of a pandemic and the unemployment unemployment assistance program in the event of a pandemic (PUA), respectively. The PEUC program is designed to support those citizens who have completely exhausted their regular unemployment benefits, while the PUA program was introduced to support and provide benefits to self-employed citizens. These people can be independent contractors or anyone else. "
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5. Offers an increase in tax credit
“Biden has proposed several changes to tax breaks that, if passed, could have a direct impact on your finances,” said Adam Garcia, financial advisor and CEO of The Stock Dork. - The new law could raise the tax credit to $ 3 for children aged 000 to 6, while for children under 17 it could be increased to $ 6. These tax credits will be fully refunded. The income tax on maximum earnings could also be increased to $ 3 for childless adults, and the upper age limit could also be increased to include older workers. This law, among other things, will increase the income limit for a loan to $ 600. "
6. Strengthened consumer protection
“The Bureau of Consumer Financial Protection is increasing its focus on consumer protection,” Silbert said. - An investigation into Venmo's debt collection process has already been announced amid an increase in complaints, and an investigation into creditors appears to be around the corner. We are still looking forward to a few important steps, such as raising taxes for those earning more than $ 400 a year, free college tuition for those eligible, and increasing Social Security benefits. ”
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