November 5, 2021

In February 2021, the month after President Joe Biden took office, unemployment was 6.3%, and the nonpartisan Congressional Budget Office projected that it would take until the end of 2023 for the nation to reach 4.6% unemployment. In March 2021, Congress passed the $1.9 trillion American Rescue Plan to stimulate the economy, which had withered during the coronavirus pandemic. The plan extended unemployment benefits and provided stimulus payments to individuals. It increased food stamp benefits and significantly expanded the Child Tax Credit, putting money in parents’ pockets. It provided grants to small business and local, state, and tribal governments. It provided money for schools, housing, and healthcare.

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