The United States is prepared to go the extra mile to bolster the economy. The Biden team plans to expand the world’s most expensive stimulus program. According to President Biden’s advisors, the size of the new broader economic plan will be as much as $3 trillion.
A significant portion of these funds will be invested in re-education and work-force with the aim of making the economy more productive. A major investment will be made to upgrade infrastructure: transportation systems, Internet, 5G networks, and electric power systems. On top of that, the government intends to continue funding the population, primarily citizens severely hit by the pandemic.
Commenting on the economic agenda, White House press secretary Jen Psaki noted that "President Biden and his team are considering a range of potential options for how to invest in working families and reform our tax code so it rewards work, not wealth." She stressed that "any speculation about future economic proposals is premature and not a reflection of the White House’s thinking."
Notably, the Biden administration proposes to hike taxes on corporations and wealthy Americans to pay for the initiative. More details of the plan will be laid out this week.
