But unlike Mr. Biden, Mr. Trump followed a top-down approach to strengthen economic and wage growth. He cut taxes for corporations and other businesses, cutting personal tax rates as well as slashing the income spectrum. His advisors predicted that the move would significantly accelerate business investment and generate a sustained economic boom that would increase income for the low-income and middle class, even though the direct benefits of the bill were disproportionately concentrated among the wealthy.
Continuous investment growth Did not predict as, But economists generally agree that the cuts helped pass economic and wage growth temporarily year after year.
High earners and large companies today do not indicate the need for government help. Overall, the epidemic recession and recovery have made them prosperous. Workers with high salaries and working remotely are less likely to be fired, and save on recovery. Companies like Amazon have gained market share due to changes in consumer habits.
But at the lower end of the income spectrum – and in particular, among Black and Latino families – millions of Americans still feel the deep pain of the recession. The economy is short of its pre-peak peak of about 10 million jobs, with women of all races and men of color struggling the most for employment. The unemployment rate for black men remains above 10 percent.
Data from the Census Household Pulse Survey, Poverty and Inequality in Hyunda Rights Watch analyzed by Leena Simet, a senior researcherShows that the terrible economic problem of the crisis is concentrated between low-income people and those who are out of work. About half of people in households with incomes below $ 35,000 reported falling behind on housing payments. Not enough food was reported in a quarter.
Mr. Biden’s plan would provide government support to those families. Elizabeth, policy director in the US, Elizabeth Panchoti, a group in Washington that supports the Biden plan, has calculated the benefits of several different fictional hard-hit Americans under the bill.
For a 3-year-old working single mom who earns the federal minimum wage – just under $ 16,000 per year – the bill would provide as much as $ 4,775 in direct benefits, Ms. Panchotti estimates. For a family of four with a working parent and one who remains unemployed due to child care constraints, the benefit may total a total of $ 12,460.