The coming Biden boom, and its risks

SINGAPORE – “Now is the time to go big,” said US President Joe Biden during a roadshow to tout his administration’s first big spending programme, the US$1.9 trillion (S$2.5 trillion) American Rescue Plan, which he signed into law on Thursday (March 11).

With the programme – which comes on top of the US$2.2 trillion package of March last year, another US$900 billion in December and other smaller expenditures – the United States will have splurged more than US$ 5 trillion on Covid-19 relief, equivalent to more than 27 per cent of gross domestic product (GDP), among the largest fiscal outlays in the world.

Please subscribe or log in to continue reading the full article.

Get unlimited access to all stories at $0.99/month

  • Latest headlines and exclusive stories
  • In-depth analyses and award-winning multimedia content
  • Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months*

*Terms and conditions apply.

Join ST’s Telegram channel here and get the latest breaking news delivered to you.

Source: Read Full Article