Economy

New statistics from the Commerce Department’s Bureau of Economic Analysis (BEA) revealed just how difficult a year 2020 was for the United States. Overall, according to the report, “real GDP decreased 3.5 percent in 2020 (from the 2019 annual level to the 2020 annual level), compared with an increase of 2.2 percent in 2019…” The drop was the first since the Great Recession of 2008-2009 and the greatest since post-WWII, 1946.

Despite the obvious pain to American markets, many Republicans believe that the Biden administration’s proposed resolutions are a “colossal waste.” Those include Sen. Pat Toom (R-PA) who highlighted the $3.4 trillion that the U.S. has already spent on direct COVID relief.

COVID-19 Relief

While the Biden administration continues to seek bipartisan cooperation in the development of the next COVID-19 relief package, Sen. Bernie Sanders and other Democrats say the nation cannot wait, and Democrats will pass a COVID-19 relief bill using reconciliation as soon as possible.

“You did it, we’re gonna do it, but we’re gonna do it to protect ordinary people, not just the rich and the powerful.”

In addition to $1,400 per person direct payments, the package dedicates $20 billion to a national COVID-19 vaccine program and $50 billion for testing. The $300 per week federal unemployment supplements that were included in last month’s package will expire on March 14 and the PUA program (expanding benefits to the self-employed and gig workers) will expire on April 5^th. The CDC eviction moratorium will stay in place through March and the federal halt on student loan payments has been extended through September.