Most notably, his first major move was the American Rescue Plan Act, a package of stimulus, welfare and other measures that will cost $1.9 trillion. The act provides for a round of $1,400 stimulus checks for individuals making less than $75,000 a year and for married couples earning under $150,000, plus the extension of federal supplements to state unemployment benefits. There is extra provision for coronavirus measures, including vaccination programmes, improving ventilation in schools and more. There is also a boost to federal subsidies for health insurance.

But what does Biden stand for beyond this? What measures will be taken to move the economy out of its long-term lethargy, particularly in the face of competition from China?

SPEAKER

James Matthews
New York-based management consultant; commentator on the US economy and business; former economic forecaster