Fun

$1.75 Trillion for Climate Change, Social Services — Biden’s ‘Build Back Better’ Plan Advances While Inflation Grips US

News Feed - 2021-11-04 04:11:40

$1.75 Trillion for Climate Change, Social Services — Biden’s "Build Back Better" Plan Advances While Inflation Grips US


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” proposal will fund broadband services to help American families connect to the internet, but also provide an allocation of funds for free “desktops, laptops, and tablets to poor Americans,” according to The Verge’s contributor Makena Kelly. Federal Reserve to Discuss Tapering Bond Purchases in the Face of Rising Inflation


At the same time, rising inflation is gripping the U.S. economy as fresh data published last week shows inflation is the highest it’s been in 30 years. In order to address the problem, the U.S. central bank plans to meet on Wednesday afternoon. It is assumed that the Fed will not raise the benchmark interest rate above zero but will likely discuss tapering back the $120 billion worth of bonds it purchases each month.


Other countries are facing the same decisions, as the Bank of England is meeting the day after the Fed’s FOMC meeting in order to discuss re-configuring interest rates. Reuters noted today that during the September 21-22 minutes FOMC members signaled that a “taper” of bond purchasing may be approved. The plan was described as an “illustrative tapering path,” and Reuters’ contributor Howard Schneider highlights that Fed officials still believe the current issues will be transitory.


“Fed officials still largely hold that view — By some time in 2022 they anticipate that global supply bottlenecks will have eased, pandemic-fueled demand for goods among U.S. consumers will cool,” Schneider’s report on Wednesday explains.


What do you think about Biden’s ‘Build Back Better’ plan to leverage $1.75 trillion? What do you think about the Fed assessing tapering back bond purchases? Let us know what you think about this subject in the comments section below. New Data Shows Red Hot US Inflation Highest in 30 Years — Analyst Says Rising Inflation Could Hit a "Tipping Point" ECONOMICS | 2 days ago Elon Musk"s Warning About Government Spending and Unrealized Gains Tax Proposal Highlights Benefits of Bitcoin ECONOMICS | 3 days ago Tags in this story "Build Back Better" plan, $1.75 trillion, Bank of England, Biden"s Bill, Bond Purchases, Fed, Federal Reserve, Howard Schneider, Joe Biden, laptops, lawmakers, Makena Kelly, Nancy Pelosi, Reuters, Tablets, us politicians


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Zhiyuan Sun6 hours agoAlgorand decentralized lending protocol Algofi to shut down by end of yearDevelopers say building the borrowing and lending protocol is "no longer a viable path" for Algorand.4386 Total vi
Dow Futures Plunge After Drone Attack Shocks Oil Market
Dow futures plunged nearly 150 points after a drone attack on Saudi oil infrastructure shocked the global energy market. | Source: AP Photo / Richard DrewDow futures pointed to heav
LayerZero cross-chain interoperability protocol completes first airdrop snapshot
Zoltan Vardai22 minutes agoLayerZero cross-chain interoperability protocol completes first airdrop snapshotLayerZero’s ZRO perpetual futures contract is trading at $8.6 on Hyperliquid, the world"s largest perps DEX, su
Token Projects to Recover $130M from the Kucoin Hack, Devs Condemned for Centralization
Token Projects to Recover $130M from the Kucoin Hack, Devs Condemned for CentralizationThe cryptocurrency community has been discussing the Kucoin hack as a great number of ERC20 pr
Bank of England Deputy Governor: FTX Collapse Highlights Urgent Need for Tighter Crypto Regulation
Bank of England Deputy Governor: FTX Collapse Highlights Urgent Need for Tighter Crypto Regulation Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe
Berkshire’s Charlie Munger Likes the Fed, Hates Bitcoin Promoters, Calls Tesla’s Success a Miracle
Berkshire"s Charlie Munger Likes the Fed, Hates Bitcoin Promoters, Calls Tesla"s Success a Miracle Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s right-han
8 Beginner Bitcoin Questions Answered
8 Beginner Bitcoin Questions Answered I asked some friends who were Bitcoin noobies what they wanted to know about Bitcoin, and was ready with some answers. Here
Derek Andersen3 hours agoGemini sues Genesis over GBTC shares used as Earn collateral, now worth $1.6BGenesis wants to use the shares’ initial value in claims and is not releasing additional collateral transferred by D
Ana Paula Pereira2 hours agoRobinhood turns profitable in Q2, but crypto revenue declinesRobinhood achieved profitability for the first time since becoming a public company in the second quarter of 2023. Its crypto reven
Digital Currency Group Pledges $100 Million to Bolster Bitcoin Mining Industry
Digital Currency Group Pledges $100 Million to Bolster Bitcoin Mining IndustryThe firm Digital Currency Group (DCG) is entering the mining industry, as the firm has pledged $100 mil
Derek Andersen2 hours agoNomura’s Laser Digital receives in-principal approval for operations in Abu DhabiThe Japanese bank joins a rapidly growing number of digital asset firms operating in Abu Dhabi and the rest of t
Why is the crypto market up today?
Nancy Lubale4 hours agoWhy is the crypto market up today?The crypto market is up today as bears succumb to heavy liquidations and improvements in the stock market boost investor sentiment.389 Total viewsListen to article