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United state economy update – US president Joe Biden Policies

As of my last knowledge update in September 2021, I can provide an overview of the U.S. economy and some of the key policies and initiatives implemented by President Joe Biden up to that point. Please note that the economic situation and policy landscape may have evolved since then, so I recommend checking the latest news and reports for the most current information. United state economy update

Post covid-19 scenario

The COVID-19 pandemic’s impacts were still being felt by the economy when Joe Biden took office as president in January 2021. The epidemic has resulted in numerous job losses, company closures, and financial instability. In addition to dealing with pressing concerns like income inequality, climate change, and infrastructure investment, Biden’s economic plan sought to address these difficulties.

Biden Policies of economy

One of the first and most significant policy initiatives of the Biden administration was the American Rescue Plan Act, which was signed into law in March 2021. This $1.9 trillion stimulus package aimed to provide immediate relief to individuals and businesses affected by the pandemic. It included direct payments to individuals, extended unemployment benefits, funding for COVID-19 testing and vaccination efforts, and assistance to state and local governments. The American Rescue Plan Act was seen as a critical tool to stabilize the economy and help millions of Americans facing financial hardship due to the pandemic.

Another key economic policy focus of the Biden administration was infrastructure investment. In March 2021, President Biden unveiled the American Jobs Plan, a $2.3 trillion proposal to modernize and rebuild the country’s infrastructure. This plan aimed to address not only traditional infrastructure like roads and bridges but also to invest in clean energy, broadband access, and affordable housing. The administration argued that these investments would create jobs, improve economic competitiveness, and tackle climate change.

Additionally, in April 2021, President Biden unveiled the American Families Plan, which placed an emphasis on human infrastructure. With this $1.8 trillion plan, the government would increase access to childcare and education, offer paid family and medical leave, and address problems like child poverty. Supporting American families and bolstering the social safety net were two goals of the strategy.

President Biden suggested increasing taxes on corporations and high-income individuals to help pay for these ambitious initiatives. He advocated for raising the corporate tax rate from 21% to 28% and worked to remove tax-evasion loopholes used by foreign firms. The administration claimed that these tax modifications would aid in financing the suggested investments in social and infrastructure programmes.

Biden policies and climate change

Biden’s economic policies also included a strong emphasis on addressing climate change. He rejoined the Paris Agreement on climate change shortly after taking office and pledged to reduce greenhouse gas emissions through various means, including investments in clean energy infrastructure and regulations to promote clean energy adoption.

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It’s important to note that the success of President Biden’s economic policies and their impact on the U.S. economy depends on various factors, including congressional approval and implementation. Political and economic conditions can also change over time, affecting the outcomes of these policy initiatives.

In summary, as of my last update in September 2021, President Biden’s economic policies aimed to address the immediate challenges posed by the COVID-19 pandemic while also focusing on long-term goals such as infrastructure investment, social program expansion, and climate change mitigation. The success and impact of these policies would depend on various factors and ongoing developments in the U.S. economy and political landscape.

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The US is probably not going to enter a recession this year as long as the economy remains strong in Q3. We increase GDP growth in 2023 and 2024 by 0.6 percentage points and 0.4 percentage points, respectively, but we do not expect a prolonged reacceleration and anticipate a large decline in growth in 2024. We anticipate 0.9% increase in 2024 following an expected 2.1% real GDP growth in 2023. The Fed is predicted to lower interest rates by 100 basis points to 4.375% by year’s end in 2024, with headline CPI inflation expected to average 4.0% in 2023 and 2.5% in 2024. By the end of 2023 and 2024, the 10-year Treasury yield is projected to be 3.9% and 3.5%, respectively.


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