Biden Says His $1.9 Trillion American Rescue Plan ‘Took America From An Economic Crisis To An Economic Recovery’

Joe Biden

On Wednesday, Democrat President Joe Biden claimed that his $1.9 trillion American Rescue Plan was responsible for the “economic recovery” in the United States.

“The American Rescue Plan took America from an economic crisis to an economic recovery. And not a single Republican voted for it,” Biden wrote on Twitter.

Biden’s American Rescue Plan was a $1.9 trillion stimulus package that included an extension of $300 weekly enhanced federal unemployment insurance and $1,400 COVID relief payments, and it greatly contributed to the ongoing inflation crisis. When the bill was passed in March 2021, inflation was at 2.6%. The next month, inflation soared to 4.2%. From March 2021 to April 2021, core inflation, which excludes volatile food and energy prices, rose 0.9% – which was the largest monthly increase since April 1982.

Additionally, the unemployment rate decreased every month from its peak in April 2020 to March 2021. After the passage of Biden’s American Rescue Plan, which raised unemployment benefits and lengthened the time increased benefits would be offered, the unemployment rate increased as the economy added back nearly 750,000 jobs less than expected. Forbes reported at the time, “The United States added 266,000 jobs in April, according to data released by the Labor Department Friday—much worse than the 1 million job gains economists expected and far fewer than the 916,000 jobs added in March, indicating that the long-tepid labor market recovery is slowing down again even as stocks and corporate earnings rip higher.”

“Some economists say employers, particularly in the restaurant and entertainment industry, have been struggling to find workers because Biden’s relief package which included extended pandemic benefits for the unemployed, is deterring some workers from returning to their old job or seeking out a new position,” NBC News wrote in May 2021, adding, “Bank of America estimates that for those who were earning less than $32,000 a year before the pandemic, unemployment pays more than their former job. And, the bank estimates, that could keep 1 million people out of the workforce.”

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