How much can Joe Biden get done on the US economy?

SourceBBC
SectorEconomy
CountryMiddle east

Image copyrightReutersThe social and economic devastation from the coronavirus pandemic helped win Joe Biden the White House - and his first months in office will be devoted to tackling it.While the country remains sharply divided, Mr Biden's party has control of the House and a narrow majority in the Senate as well, giving him more room than many expected to push his agenda.1. Press for more Covid-19 spending.image copyrightReutersimage captionHunger and poverty in the US has spiked amid the pandemicSince winning the election in November, Mr Biden has put promises of additional pandemic relief front and centre of his plans.Democrats are said to be preparing a plan that could include fresh stimulus cheques for most families. Securing money for state and local governments - funding that Republicans blocked while Donald Trump was in office - is another top priority. There is little doubt that Republicans will fight the plans.

But some Wall Street analysts, such as those at Goldman Sachs, are already pencilling in $750bn more in relief on the expectation that Mr Biden will get something through eventually."That, at least, should be easier to do," says Chris Low, chief economist at FHN Financial.2. Call for raising the minimum wage ...read more...