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In the most
anticipated primetime TV event in...well, four days, President Biden
addressed the one-year anniversary of the pandemic.
After
lamenting the toll Covid-19 has taken—including nearly 528,000 American
lives—Biden said he’s putting the country on “war footing” to get Covid
under control. “This is not the time to let up,” he said, calling on
Americans to do their part, be safe, and get vaccinated.
The
president expects to hit his goal of 100 million shots in 100 days over a
month ahead of schedule, which means one very important update to your
calendar: Biden directed states to open eligibility to all adults by May
1.
It was a nightcap to an already historic day. Hours before, President Biden signed his $1.9 trillion Covid relief package
into law, marking the first major achievement of his administration.
The bill sends $1,400 direct payments, $300/week in added unemployment
benefits, and a flurry of other poverty reduction programs to a fed up
but hopeful nation.
Zoom out: Across
its pandemic relief programs, the government has taken the
garlic-lovers’ approach: always err on the side of more. This stimulus
bill, when combined with December's aid package, accounts for 14% of
pre-Covid GDP.
So what's next?
If the $1.9
trillion Covid bill is the splint to fix a broken bone, the next item on
Biden's agenda will be the workout regimen that turns the US economy
into a chiseled Olympic athlete.
Two themes are starting to emerge.
1. Infrastructure: During
his campaign, Biden proposed $2 trillion in spending on climate change
and infrastructure. That bill could climb to $4 trillion when you
consider all the things Democrats want to tackle with it: roads,
bridges, transit, water systems, housing, broadband, power, and more.
- But it'll have to be bipartisan. Sen. Joe Manchin, a moderate Democrat who holds lots of power in the 50–50 Senate, told Axios he'd block any infrastructure plan if Republicans weren't included.
2. China: Some reports say Senate Democrats are cooking up a bill
that would counter China's rising economic influence. This proposal
would include measures such as building 5G networks, addressing the US'
reliance on China for critical goods like PPE, and investing in regional
tech hubs. A China-related bill is also likely to attract at least some
Republican support.
Looking ahead...with Biden and Co. taking a victory lap touting the Covid relief bill, don’t expect any big, new plans for at least a few weeks.
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