Biden Releases Plan to "Save the Economy"
July 10, 2020
The Biden campaign released an “emergency action plan” outlining steps the former Vice President believes should be taken to address the pandemic, including limited student loan forgiveness and a paid sick leave right for employees of companies of all sizes.
The Biden plan calls on Congress to:
- Keep as many people on the payroll as possible and make Americans whole for lost hours and wages by maximizing work-sharing programs and extending the extra $600 per week in UI benefits as long as public health and economic conditions call for it.
- “Keep small businesses in business” with an additional $377 billion in loan guarantees for small businesses and seek authority similar to the Defense Production Act to make sure banks are prioritizing small business.
- Enforce real conditions and oversight on big corporations by enforcing the bans on buybacks and raises for executives, and appointing strong regulators focused on corporate accountability and worker protections in the event of bankruptcy.
The plan also calls for another COVID-19 relief bill that would:
- Provide emergency paid sick leave to everyone who needs it regardless of company size;
- Increase monthly Social Security checks by $200/month and additional income checks to families should conditions require;
- Forgive a minimum of $10,000 of federal student loans per person;
- Ensure no one pays out of pocket for COVID-19 testing, treatment, or an eventual vaccine; and
- Provide all necessary fiscal relief to states.
The plan also would take some of the same actions the Trump administration is currently taking, including using the Defense Production Act to increase testing and tracing capacity, improve the ability to surge equipment and supplies to any new hotspots, and address the shortage of ventilators and personal protective equipment for health care workers.
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