October 24, 2021

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Biden Speech on Economic Recovery Package (Jan. 22, 2021)

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Biden Speech on Economic Recovery

Biden Speech on Economic Recovery

Film Credits: White House Communications Agency

I just received a briefing from our economic team and we remain in once in a century public health crisis . That’s led to the most unequal job and economic crisis in modern history , and the crisis is only deepening . It’s not getting better . It’s deepening . Yesterday we learned that 900,000 more Americans file for unemployment 900,000 . They joined millions of Americans who , through no fault of their own , have lost the dignity and respect that comes with a job in a paycheck . So many of them never thought they’d ever be out of work in the first place , just like my dad did when he was used to lie awake at night when I was a kid staring at the ceiling and unable to sleep because he worried about whether or not he’s about to lose his health care , or whether we were gonna be a have the money to pay the mortgage because of the economic circumstances . And now a lot of these folks Aer facing eviction are waiting hours in their cars , literally hours in their cars , waiting Thio able to feed their Children as I drive up to a food bank . It’s the United States of America . They’re waiting to feed their kids , folks who are able to still keep your job . Many have seeing their paychecks reduced , and they’ve barely hanging on and wondering what’s next . Sometimes the anxiety about what’s gonna happen next is more consequential than what actually happened . But this is happening today in America , and this cannot be who we are as a country . These air , not the values of our nation . We cannot will not let people go hungry . We cannot let people be evicted because nothing they did themselves . They cannot watch people lose their jobs and we have to act . We have to act now . It’s not just to meet the moral obligation to treat our fellow Americans of the dignity respect they deserve . This is an economic imperative , ah , growing economic consensus that we must act decisively and boldly to grow the economy for all Americans , not just for tomorrow , but in the future . There’s a growing chorus of topic top economists that agree that at this moment of crisis with this , the interest rates as low as they are historic lows . It is smart fiscal investment , including deficit spending , and they’re more urgent than ever , you know , and that return on these investments and jobs and racial equity is gonna prevent long term economic damage and benefits that they’re in a far surpassed the cost . If we don’t act , the rest of the world is not standing still in terms of the competitive advantage of the competitive possibilities relative us that our debt situation will be more stable , will not less stable , according these economists , and that such investments in our people is going to strengthen our economic competitiveness as a nation and help us out compete our competitors in the global economy because we’re gonna grow the economy with these investments . While the Kobe 19 package that passed in December was the first step , as I said at the time , it’s just a down payment . We need MAWR action , and we need to move fast . Last week I laid out a two step plan of rescue and recovery to get through the crisis and to a better and stronger and more secure America . The first step of our American rescue plan is a plan to tackle the pandemic and get direct financial relief to Americans who need it the most , you know , and just a few days . It’s just just been a few days since outlined this plan and to receive bipartisan support from majority of American mayors and governors , businesses and labor organizations have together welcomed it as a urgent action is needed . Even Wall Street firms have underscored its importance . In fact , in an analysis by Moody’s estimates that if we pass our American rescue plan , the economy would create 7.5 million jobs just in this year alone , that would be on the way to the more than 18 million I think is 18,600,000 jobs that they believe will be created over the four year period with our bill back . Better recovery plan With our American rescue plan , our economy would return to full employment a full year faster than without the plan . Even President Trump’s president , Trump’s now not some liberal organization president Trump’s top former economic adviser , Kevin Hassett , said quote he absolutely is in favor of this rescue plan . This almost doesn’t have a partisan piece to it . We’re seeing the support because this plant takes a step that we so urgently need more than just a step number steps . It funds big parts of the covert 19 national strategy that were released yesterday . We released yesterday .

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