The American Economy Will Expand Over 6 Percent This Year Largely Due To President Biden’s American Rescue Plan
The American Rescue Plan Will Lift 13 Million Americans Out Of Poverty, Cut Child Poverty In Half
Millions Of Americans Will Save Hundreds On Their Health Care Due To The American Rescue Plan
The American Rescue Plan Will Benefit Black Farmers More Than Any Legislation Since The 1964 Civil Rights Act
As the House prepares to send the American Rescue Plan to President Biden’s desk, there is no question the bill will have a direct and dramatic impact on the lives of millions of Americans. The bill is projected to jump start the American economy, helping it grow over 6 percent in 2021 after a 3 percent contraction in 2020. The legislation is also projected to lift 13 million Americans out of poverty while cutting child poverty by over 50 percent. The bill will also save millions of Americans hundreds of dollars in health care costs. The relief act also constitutes the most beneficial legislation for Black farmers since the 1964 Civil Rights Act.
DRAMATIC ECONOMIC GROWTH
The American Economy Is Expected To Grow 6.5 Percent this Year, Up From a 3.2 Percent Forecast Before The Projected Passage Of the American Rescue Plan. “The American economy will accelerate nearly twice as fast as expected this year as the coming passage of President Biden’s $1.9 trillion stimulus plan, combined with a rapid vaccine rollout, ignites a powerful recovery from the pandemic, the Organization for Economic Cooperation and Development said Tuesday. […] In its half-year outlook, the organization said the United States would expand 6.5 percent this year, up sharply from 3.2 percent forecast in December. The surge in the world’s largest economy will generate enough momentum to help lift global output 5.6 percent, from a 3.4 percent contraction in 2020.” [New York Times, 3/9/21]
The American Economy Contracted Over Three Percent In 2020. “ The surge in the world’s largest economy will generate enough momentum to help lift global output 5.6 percent, from a 3.4 percent contraction in 2020.” [New York Times, 3/9/21]
The American Rescue Plan Will Boost The World Economy By Over One Percent. “Joe Biden’s $1.9tn US stimulus programme will boost the economic recovery from the coronavirus pandemic around the world, the OECD said on Tuesday, as it upgraded its outlook for global growth. The Paris-based international organisation said it expected a stronger rebound from last year’s historic recession than it forecast in November, mainly because of the rapid rollout of Covid-19 vaccination programmes in many countries and the increase in US stimulus spending. The scale of the Biden plan will add about 1 percentage point to global economic growth in 2021, Laurence Boone, the OECD’s chief economist, told the Financial Times. As a result, the global economy will expand by 5.6 per cent this year, the OECD forecast on Tuesday, an upgrade of 1.4 percentage points from its November forecast.” [Financial Times, 3/9/21]
SLASHING POVERTY
The American Rescue Plan Will Reduce Poverty By 33 Percent, Lifting Nearly 13 Million Americans Out Of Poverty. “The latest stimulus will reduce poverty by a third, lifting nearly 13 million Americans out of it, according to an analysis by Columbia University’s Center on Poverty and Social Policy. Black Americans, Hispanic Americans and poor families with children are set to benefit the most. Child poverty would be reduced by more than half, the researchers predict.” [Washington Post, 3/6/21]
The American Rescue Plan Will Reduce Child Poverty By Over 50 Percent. “The latest stimulus will reduce poverty by a third, lifting nearly 13 million Americans out of it, according to an analysis by Columbia University’s Center on Poverty and Social Policy. Black Americans, Hispanic Americans and poor families with children are set to benefit the most. Child poverty would be reduced by more than half, the researchers predict.” [Washington Post, 3/6/21]
CUTTING HEALTH CARE COSTS
The American Rescue Plan Will Save Several Million Americans Hundreds Of Dollars In Health Care Costs. “Several million people stand to save hundreds of dollars in health insurance costs, or more, under the Democratic coronavirus relief legislation on track to pass Congress. Winners include those covered by ‘Obamacare’ or just now signing up, self-employed people who buy their own insurance and don’t currently get federal help, laid-off workers struggling to retain employer coverage, and most anyone collecting unemployment. Also, potentially many more could benefit if about a dozen states accept a Medicaid deal in the legislation. Taken together, the components of the coronavirus bill represent the biggest expansion of federal help for health insurance since the Obama-era Affordable Care Act more than 10 years ago. Obamacare not only survived President Donald Trump’s repeated attempts to tear it down but will now get a shot of new life.” [Associated Press, 3/9/21]
PROVIDING RELIEF TO BLACK FARMERS
The American Rescue Plan Provides Around $5 Billion For Black Farmers, Benefiting Them In A Way That No Legislation Has Since The Civil Rights Act Of 1964. “A little-known element of President Biden’s massive stimulus relief package would pay billions of dollars to disadvantaged farmers — benefiting Black farmers in a way that some experts say no legislation has since the Civil Rights Act of 1964. Of the $10.4 billion in the American Rescue Plan that will support agriculture, approximately half would go to disadvantaged farmers, according to estimates from the Farm Bureau, an industry organization. About a quarter of disadvantaged farmers are Black. The money would provide debt relief as well as grants, training, education and other forms of assistance aimed at acquiring land. While it’s a fraction of the $1.9 trillion bill that passed in the Senate on Saturday, advocates say it still represents a step toward righting a wrong after a century of mistreatment of Black farmers by the government and others. Some say it is a form of reparations for African Americans who have suffered a long history of racial oppression.” [Washington Post, 3/8/21]