President Biden's job-generating policy should improve the lives of Americans over the next few years.
-
- Reviving the flagging American economy is one of the major pillars of President Joe Biden’s policy goals. Just a week into his term, Biden has outlined several plans for creating jobs and otherwise improving the lives of workers across the nation.
- An analysis by Moody's Analyties estimates that Biden’s first major proposal, the American rescue Plan, could create 7.5 million jobs this year, with another 2.5 million jobs in 2022.
- But Biden has a lot of ground to make up for: the U.S. continues to slowly recover from the pandemic unemployment crisis, with millions of people still out of work or managing a reduced income. More than 40 million workers—about 25% of the entire labor force—lost their jobs last spring, as the economy shut down to try to stop the spread of the coronavirus.
- The unemployment rate improved in the summer and fall (as of January 2021, it’s sitting at 6.7%, or about 10.8 million people). But as recently as December 2020, four miliion people had been unemployed for 27 weeks or more.
- If Biden’s wishlist is fulfilled, the impact of his plans for workers go beyond increasing employment. Biden has repeatedly said that by protecting workers during the pandemic, raising wages and increasing jobs in other key policy areas like climate change, long-term economic damage can be minimized and it will keep the U.S. economy competitive with the rest of the world.
- But right now, the success of his plans to bolster the workforce depend in large part on Congress. Not only must the House of Representatives and Senate approve of many of Biden’s proposals, but the two chambers must also come to agreement about how much to spend on the initiatives they pass.
- Here’s what Biden has proposed so far and where his ideas stand.
- 1. Extend Unemployment Benefits Until September
- Biden's American Rescue Plan aims to provide a $400 weekly supplement for people receiving unemployment benefits through their state, and it would include people who have already exhausted their weekly state benefits. That amount would start when the current $ 300 supplement , authorized by the Consolidated Appropriations Act, expires in March and last through September 2021. Pandemic Unemployment Assistance, which offers benefits to people who are self-employed or gig workers, would also be extended through September.
- What’s next: Congress must consider this as part of proposed American Rescue Plan legislation.
- 2. Expand Emergency Paid Sick and Family Leave
- The American Rescue Plan calls for providing at least 14 weeks of paid sick, family and medical leave for workers who are impacted by the pandemic. A benefit of $1,400 per week would be available, with leave available through September 2021. You would qualify if you were quarantining after being exposed to the coronavirus, caring for a sick family member, or caring for children participating in remote learning. A similar allowance was authorized by theFamilies First Coronavirus Response Act , which offered a weekly benefit of $1,000 for up to 12 weeks, but it expired at the end of 2020.
- What’s next: Congress must consider this as part of proposed American Rescue Plan legislation.
- 3. Increase the Federal Minimum Wage to $15
- Biden’s American Rescue Plan asks Congress to raise the minimum wage to $15 per hour nationwide for everyone, including tipped workers and people with disabilities who earn sub-minimum wage.
- A $15 minimum wage for all workers would provide a pay boost for 21% of U.S. workers, the Economic Policy Institute estimates. And it would begin to close the wage gap for Black workers and other workers of color who often get stuck in low-paying jobs. The minimum wage has not been increased since 2009, when it was raised to $7.25.
- What’s next: On Jan. 22, Biden signed an executive order requesting that the director of the Office of Personnel Management provide a report to the president with recommendations on how to raise the minimum wage to $15 per hour for federal employees.
Comentários
Postar um comentário