The Hill reports on S&P Global's analysis of the Biden coronavirus relief bill, and it's really good news and more reason for Democrats to pass the damn bill:
President Biden's $1.9 trillion coronavirus relief proposal would restore the economy to pre-pandemic levels by this summer, according to an analysis published Monday by S&P Global.
"We find that if the $1.9 trillion package were put into law, the U.S. economy would reach pre-crisis levels in the second quarter of 2021, with a stronger demand-driven path of growth through 2023," the report said.
Biden's proposal would also set the economy on course to exceed its pre-pandemic growth path until the end of 2022, when it would start to slow, S&P said.
On the jobs front, S&P said the injection of government funds would likely push unemployment down below 4 percent by mid-2023, a year earlier than its current forecast. The nationwide unemployment rate stood at 6.7 percent in December, the most recent figures available from the Labor Department. (our emphasis)
It's also is wildly popular with the public.
Fortunately, it looks like Democrats are gearing up to pass the bill through reconciliation, perhaps with some tweaks. Do it, ignore the bad faith of Republicans and the he said/she said media, and be prepared to reap the political benefits.
3 comments:
Republicans need to use this opportunity to reach out to Democrats and vote for their constituents and the country. They need to come to grips with the reality of their loss and make this a turning point towards the good of all.
They won't acknowledge that you have to spend money to make money, and all they want to do is punish the Democrats, now and always. It's a battle that could be ended right now, and all they have to do is vote for Covid relief. I suspect that they are too far gone, though. They will let the fringe conspirators run the party now.
donnah -- it would be shocking if any of them voted for a $1.9 trillion relief bill (they only spend that kind of money on corporate and millionaire tax cuts).
Yes, everyone (damn near, with reasonable sense) knows that this infusion is needed right now ... especially since we're a market driven society. The politics is just awful, as far as how Republicans are trying to stop anything reasonable, I guess out of anger. Sadly, they are not being reasonable with Dems or even bipartisan ... the Republicans have used budget reconciliation, and have used everything they can to push through tax giveaways galore to the top wealth ... while Democrats have went along and shown bipartisanship in those recent past deals. The Democrats have been truly bipartisan, and have moved continuously to the right year after year to where they are more right wing on certain issues (we always here that Dems need to move more right ... we never hear anyone asking Republicans to move more left, or at least to the center), than the Republican party of the past (Eisenhower era) ... and still, Republicans have not returned any favours, but only continued to bully them. So .... I would HOPE, that Democrats will do everything they can, with this "slight" majority, to just go around the Republicans, and start to control the ball more ... they owe the Republicans NOTHING, frankly, and as Schumer said last week "not repeat the mistakes that Democrats made in 2009". The Democrats have bent over backwards for Republicans, time and again ... and received nothing in return for their generosity.
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