This week, U.S. lawmakers are preparing to debate the advance of Joe Biden’s Build Back Better proposal, which is now estimated at $1.75 trillion. The new proposal follows the expansive monetary policy the Federal Reserve engaged in during the last two years expanding the money supply like never before. Meanwhile, U.S. inflation is at a 30 year high and the central bank’s Federal Open Market Committee (FOMC) plans to assess new strategies today.
Biden Slims Down ‘Build Back Better’ Plan
Last week, U.S. president Joe Biden offered a slimmed-down “Build Back Better” proposal from its original $3.5 trillion to the current estimate of $1.75 trillion. The proposal follows the massive monetary expansion that stemmed from the U.S. Federal Reserve adding credit to its member banks’ deposits.
In order to deal with the economic disaster caused by the government’s Covid-19 mandates, the Fed’s monetary expansion eclipsed two centuries of USD creation. The latest 1,600-page proposal from the Biden administration wants to leverage $1.75 trillion to tackle social service programs and climate change.
Reports note that $550 billion will be dedicated to combating climate change. The funding will be dedicated to the so-called climate crisis and the funds will be distributed to firms that address climate change and transition to clean energy. Biden’s plan is also aimed at childcare and the bill includes free preschool programs for all 3-4-year-old American children.
Moreover, the White House proposal also extends the Child Tax Credit for another 12 months. House Speaker Nancy Pelosi conceded that a number of items were cut from the bill but she highlighted that “universal pre-K, child care, child tax credit, home health care and the rest” made it into the package.
Additionally, Biden’s “Build Back Better”
