The pandemic relief bill isn’t just a one-time splurge. It’s the start of a new era of federal spending.
by Peter Suderman
Looked at one way, the American Rescue Plan, President Joe Biden’s $1.9 trillion economic intervention, is just another pricey COVID-19 bill in a series of them—another one-time injection of funds into an economy in crisis. Biden has repeatedly agreed that the plan is fundamentally about quick, emergency relief, an in-the-moment, temporary measure to beat back the pandemic and get the economy going.
Over the long term, however, it’s likely to be much more than that—more expensive and more permanent than the headline figures make it sound. And it portends an even greater expansion of federal power to come.
Like previous bills, Biden’s plan includes a round of checks for American households, with as much as $1,400 going to individuals making as much as $80,000 annually, and couples with total incomes of up to $160,000.