The plan offers some things to like, or at least not object to—more money for vaccines and testing, opening of schools, expanding the Earned Income Tax Credit (a subsidy for low earners), child tax credits, more money for small businesses, and expanded unemployment benefits. Those last two will be especially necessary, even after the pandemic passes, because other provisions in the proposed stimulus will harm small businesses and throw millions of people out of work.
Feel Good Now—Pay Later
If President-elect Joe Biden’s economic-stimulus plan is a preview of what to look for over the next four years, we can expect lots of feel-good populist measures that will ultimately harm the most vulnerable people in the American economy.
The plan offers some things to like, or at least not object to—more money for vaccines and testing, opening of schools, expanding the Earned Income Tax Credit (a subsidy for low earners), child tax credits, more money for small businesses, and expanded unemployment benefits. Those last two will be especially necessary, even after the pandemic passes, because other provisions in the proposed stimulus will harm small businesses and throw millions of people out of work.
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The plan offers some things to like, or at least not object to—more money for vaccines and testing, opening of schools, expanding the Earned Income Tax Credit (a subsidy for low earners), child tax credits, more money for small businesses, and expanded unemployment benefits. Those last two will be especially necessary, even after the pandemic passes, because other provisions in the proposed stimulus will harm small businesses and throw millions of people out of work.
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