U.S. President-elect Joe Biden's proposal to pour US$1.9 trillion into a hobbled economy could lay the foundation for a surge in jobs and spending that many economists say is needed to avoid long-term damage from a record-breaking pandemic recession.
Spending big on vaccine rollout, testing, and to shore up state and local governments on the frontlines of those efforts could help bring a swifter end to the country's healthcare crisis, which remains at the root of the economic crisis. The new spending comes at a critical time for the world's largest economy. A winter resurgence of COVID-19 sent a partially recovered labor market into reverse last month as employers shed 140,000 jobs, especially low-income positions in restaurants, bars and other high-touch service industries.
Earlier Thursday Fed Chair Jerome Powell noted that early and forceful government spending had helped save the economy from a much more dire fate. Back then, the economy was years into what would prove to be a record-long expansion, and with the labor market on the upswing, the extra stimulus was seen as potentially overheating the economy.
Who is going to pay for it?
this is one expensive bridge.
Singapore Latest News, Singapore Headlines
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