The United States Senate has approved President Joe Biden’s $1.9 trillion coronavirus recovery plan, more than twice the size of Barack Obama’s 2009 stimulus.
With the exception of a $15 hourly minimum wage, the soon-to-be-law includes nearly all the provisions Biden had called for, including additional spending on health care, extended unemployment insurance (if cut by $100 per week from the original version) and rental assistance. For detail, check out my post about the bill from January.
Dutch prime minister Mark Rutte has tendered his government’s resignation to King Willem-Alexander.
With only two months to go before elections, and the government remaining in a caretaker capacity to manage the coronavirus crisis, the resignation is largely symbolic.
But smaller parties in Rutte’s coalition felt they had to take responsibility for what an inquiry described as an “unprecedented injustice” in the tax service, which wrongly accused more than 20,000 families of fraud.
One can tell two very different stories about the American economy.
In one, growth is robust, unemployment is at its lowest in half a century and the stock market is booming. This is the story President Donald Trump likes to tell.
In the other, two in five Americans would struggle (PDF) to come up with $400 in an emergency. One in three households are classified as “financially fragile“. Annie Lowrey writes in The Atlantic that American families are being “bled dry by landlords, hospital administrators, university bursars and child-care centers.” This is the story Bernie Sanders and the Democrats tell: for millions of Americans on seemingly decent middle incomes, life has become too hard.
Sanders’ solution is to bring “democratic socialism” to America. He cites European countries like Denmark and Sweden as inspiration. They’re not bad places to imitate — but they have actually moved away from socialism and toward a mix of free markets and the welfare state. It is why they rank among the freest and most competitive (PDF) economies in the world.