The latest coronavirus wave slammed the U.S. economy in December, wiping out 140,000 jobs, raising pressure to accelerate vaccinations and blowing the door open for President-elect Joe Biden and a narrowly Democratic Congress to push for even more stimulus spending within weeks., the last to be released during President Donald Trump’s administration, leaves the nation around 11 million short of the level of jobs from before Covid-19 crushed the economy and wiped out around 23 million jobs.
And it will give Biden and the Democrats wider leeway to force through trillions of dollars more in stimulus spending — by whatever legislative means available — including significant help for state and local governments. It also means the Democrats will likely be able to approve enough direct cash to reach the “$2,000 check” level they’ve long supported, when including the $600 checks approved by Congress and signed by Trump last month.
Biden will have full control of Washington — though not a filibuster-proof majority in the Senate — during the first two years of his term. And his economic advisers plan a heavy focus on spending to boost vaccination distribution, support strapped state and local governments, improve American infrastructure, further expand jobless benefits and pump more direct cash into individual households.
approved by Congress last month, leading to several weeks of delays in payments in places like California, Michigan, Florida and Washington. Losses in state and local government jobs forced by lower Covid-era tax receipts and the need to balance budgets is also driving down the national jobs numbers.
Job losses in December, which ended seven months of gains following the enormous virus-induced declines, largely came in the service industry where restaurants and bars slashed 372,000 positions as cold weather and new lockdowns limited demand. Overall, employment in leisure and hospitality — which includes hotels, tourist sites and other categories, declined by 498,000. Gains in professional and business services, retail and other areas were not enough to offset the giant losses elsewhere.
Printing money and giving it to yourself isn't really 'growth', but I'll take it because I would rather have my taxes back than to give it to Pakistani Warlords under the guise of 'gender crap' who give some of the money back to Biden through Hunter. The Return of the Swamp
We are looking at $5 trillion for Phase 1. Three phases; maybe four.