The Joe Biden administration’s economic plan was approved despite narrow numbers in the Senate, with 50 votes in favor and 49 against. L ‘US Bailout Act It will return to the House of Representatives of Congress to formally pass it, after which it becomes law. It’s a $ 1.9 trillion program: There’s a reward of $ 1,400 for hundreds of millions of Americans, bounties of about $ 300 a week through September 6 for those who’ve lost their jobs, extra money for vaccines, and then other measures at school, families and work.
“It is a great example of democratic power on the part of the Biden administration, addressing the economic and social crisis by demonstrating leadership that will stimulate global demand and aid recovery around the world in 2021,” scive foreign policy. The article signed by Adam Toes – professor of history and director of the Institute for European Studies at Columbia University – is part of the journal file that analyzes in detail the first 100 days in Joe Biden’s office, describing his management policies as being put into action.
Biden’s economic bazooka is not necessarily the yardstick that the entire Democratic base wants. It’s a program reconfigured days and days after the settlement: The most advanced part was wanting a package of investments earmarked for the minimum wage bill, fixed at $ 15 an hour. “ But it is undoubtedly true that the scope and extreme urgency of the package are also a consequence of the apparent deficiency of Good Against unemployment in the United States: From here one can only hope that the Biden administration will come over time to build a more appropriate system, ”the author wrote.
It is also important to reaffirm the scale of the nearly two trillion dollar spending injection that goes to the Senate without a single vote of Republican opposition: the compromise between the centrist and more progressive spirit of the Democrats cannot be more than the value of such a reform.
The Adam Toes article then focuses on another aspect that underlies Biden’s political victory: the role of the United States on the world stage and its credibility as a leader in the democratic world.
In light of recent events, the article reads, any claim of the role of world leader by President Joe Biden may seem hollow, and possibly misplaced: In the United States there is still former President Donald Trump who refuses to leave the scene; Shadows still loom over Washington over the November elections and the events of January 6. Plus, the Republicans appear more stubborn and bent on blocking Congress; The battle to protect US voting rights is far from over.
But democratic leadership requires not only the rule of law and respect for constitutional correctness. It requires more than reasonable behavior from the main actors. It should also be clarified, in a nutshell, with the right measures when there is a possibility, if they are necessary, ”explains the author of the article. Then again:“ Democracy is measured by the speed and strength with which it responds to the crisis, especially when that crisis itself strikes the most difficult and least protected people from Society. The political system must be in touch with reality and realize the urgency of the moment: sometimes democracy specifically consists of ensuring that political processes are not an obstacle to these people.
There are several risks underlying Biden’s economic policy. Meanwhile, Inflation Rising: At the moment the bond markets seem to bear witness to this fear, also because management appears geared toward a strategy in which the mistake is aside, and doing a lot more is better than doing. Too small.
“For more than a generation, up until 1993 and the Clinton administration, in both fiscal and monetary policy, the preference was to make a mistake, interfering with a small amount of money when it came to stimuli and raising interest rates.” Tooze explains in Foregin Policy, adding that this position has often been left Millions of people were unemployed when they could have found a job.
Not only that, this political stance in the United States usually weakened the bargaining position of the workers when they could demand better conditions and wages; Make structured labor mobilization more difficult; Undermined the reasons for raising the minimum wage to a decent level; Nor has it provided much incentive to prioritize investment to increase labor productivity.
All of this clearly has resulted in an increase in inequality within a country that has disproportionately affected workers from some minorities, especially African American minorities.
Spending the money now for the fastest possible recovery is imperative at this point. It is beneficial to the economy in the long run, but it is also a prerequisite for a policy directed towards social justice and in particular towards racial justice. The full employment obligation enshrined in the 1978 Humphrey Hawkins Act is a legacy of the civil rights movement: The Biden administration is perhaps the first to take this commitment seriously, as it always should be. ”Read in the article.
Finally, the stimulus package that the Biden administration has planned is also a political message: It is the first step toward a robust attempt to break the vicious circle that sees the Democratic president regularly lose an election. Mid term (And to be a minority in Congress) after the presidential victory: At such a delicate stage, a repeat of what happened with Bill Clinton in 1994 or with Barack Obama in 2010 would be a disaster.