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Will the American Jobs Plan Remake the US Economy?

US President Joe Biden’s public-investment proposal is undoubtedly ambitious – and highly controversial. But it may also be the key to putting the US economy on the path toward a more sustainable, equitable, and prosperous future.

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Transcript

Elmira Bayrasli: Welcome to Opinion Has It. I’m Elmira Bayrasli. Last month, US President Joe Biden signed a $1.9 trillion COVID-19 relief bill into law.

Archive Recording, President Joe Biden: The crisis of deep human suffering is in plain sight and there’s no time to waste. We have to act and we have to act now.

EB: The so-called American Rescue Plan was one of the biggest stimulus packages in history, and it enjoyed strong popular support.

Archive Recording: The bill includes $1,400 checks for most Americans. It extends jobless benefits through the summer; they were set to run out. It also lowers the cost of health insurance for those relying on Obamacare. There’s money for schools, small businesses, for the vaccine effort.

EB: The stimulus seems to have put the US economy on track for a rapid recovery.

Archive Recording, Jerome Powell: What we’re seeing now is really an economy that seems to be at an inflection point, and that’s because of widespread vaccination and strong fiscal support, strong monetary-policy support.

EB: But Biden isn’t done yet. His administration has now put forward an even bigger spending proposal: the American Jobs Plan.

Archive Recording, President Joe Biden: It’s big? Yes. It’s bold? Yes. And we can get it done.

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