1.9 trillion has just been approved; another 3 trillion in infrastructure plans are proposed, along with tax reforms – an indication of Biden’s ambitious goals

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Biden’s $1.9 trillion relief package has just been approved and put into effect, and next week he will introduce another infrastructure plan worth $3 trillion. In just two months since taking office, he has already proposed relief and economic stimulus measures totaling $4.9 trillion. With such tight deadlines, such short time intervals, and such large amounts of money involved – something unprecedented in history – what is the reason why Biden is so eager to implement an economic stimulus package of this scale? First, since Biden announced his candidacy, he has not been viewed favorably by the public. Apart from factors such as his advanced age and health issues, there is little knowledge about his political policies; he is often seen as a version of Obama III. As a result, Biden was eager to achieve results once in office in order to prove himself and counter the doubts about his abilities. Second, being elected President of the United States at the age of 79 set a historical record. He made many mistakes in his speeches, often forgot names, was prone to forgetting things, and suffered from drowsiness – all of which indicate that Biden’s health is compromised due to his advanced age. There have been persistent doubts about whether he will be able to complete a four-year term, not to mention anything more. For him, there may be only a four-year term at his disposal; time is of the essence, and he is eager to achieve results and realize his political ideals. It should be noted that Biden has experienced two failed attempts to run for president, which shows that he is a political leader with clear political ambitions, and he also wishes to leave his mark in history. Third, the situation regarding the pandemic in the United States remains cause for concern; a fourth wave of infections has begun to spread, with the number of new cases rising again at an accelerating pace. As a result, it is very difficult for the U.S. economy to restart. Following the 2008 U.S. financial crisis, multiple rounds of quantitative easing policies in the United States have pushed its monetary policy to its limits; dollar interest rates are at zero or even negative levels. At a point where monetary policy can no longer be used as a tool, the only option left is to **take on debt and increase fiscal spending in order to stimulate the economy. Fourth, while the US still holds the status of world currency and can exploit countries around the world, it makes sense to print money at full speed and use that money from other nations to stimulate the U.S. economy. Moreover, given that its term in office is limited, there is no need to worry about a debt crisis at this time; that is something future presidents will have to deal with – the debts will be left for future generations. Fifth, previous U.S. presidents did not spend money to improve the country’s deteriorating infrastructure; no new miles of high-speed rail or highways have been built in the United States for decades. By investing heavily in infrastructure upgrades, Biden can not only stimulate the economy but also contribute to enhancing America’s competitiveness in the future. If successful, this will undoubtedly ensure that Biden is remembered in history. After all, it was President Roosevelt who, through fiscal policies and substantial investments in infrastructure, helped the United States emerge from the Great Depression and thus secured his place in history. Sixth, copying China’s strategies in order to prevent it from overtaking the United States. In February, while discussing infrastructure plans with the heads of relevant agencies at the White House, Biden mentioned China’s significant success in infrastructure investment. He wanted the U.S. to keep up with China in this area and avoid being overtaken by it; therefore, preventing China from surpassing the U.S. during his tenure was a key concern for Biden. And all of this requires economic growth. Biden may be a flawed political leader; he does not possess the eloquence and oratory skills of Clinton and Obama, lacks the strong charisma and appeal of his predecessors, and does not have the political background of the Bush family. Yet he is a political leader with ideals and ambitions. Reaching the pinnacle of his career at the age of 79, he has been given a hard-won opportunity, and I believe he surely wants to make a difference. Source: News and Finance