President elect Joe Biden is touting a $1.9 trillion Covid relief package once he is seated.
Today’s industrial production reading for December show IP improving from -5.41 YoY in November to -3.58% YoY in December. Capacity utilization increased from 73.39% in November to 74.54% in December. So, Biden is inheriting an improving economy.
Meanwhile, equity markets are down across the board.
The aid package includes $415 billion to bolster the response to the virus and the rollout of COVID-19 vaccines, some $1 trillion in direct relief to households, and roughly $440 billion for small businesses and communities particularly hard hit by the pandemic.
Stimulus payment checks would be issued for $1,400 – on top of the $600 checks delivered by the last congressional stimulus legislation. Supplemental unemployment insurance would also increase to $400 a week from $300 a week now and would be extended to September.
$2,000 per person? Why not $2 million per person now that Democrats control the White House AND Congress? US Federal debt is about $27.8 trillion and rising fast. That is $222,191 per taxpayer.
Why are both Yellen and Powell frowning?
