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2022: Congress To Meet An Discuss Build Back Better Act

It’s the first of January, 2022. The new year has started, 2021 – with all its ups and downs is over. The economic effects of COVID-19 and the latest outbreak of the highly contagious variant called omicron, however, are real present-day concerns. That means Congress is to get back to business as soon as possible. According, to CNBC, on the top of the democrat agenda, will be somehow getting President Joe Biden’s Build Back Better act passed into legislation.

Source: Pexels

An Explanation

Last year saw the United States of America’s economy enter into the greatest contraction it’s experienced in history. Indeed, according to figures taken from Springer Link online, the U.S. gross domestic product or GDP saw a decline or witnessed losses of anywhere between $3.2 trillion and $3.8 trillion which amounted to 14.8% and 23%, respectively. These figures were calculated over two years.

As a result of the pandemic, the loss in jobs, and the economic impact of the high levels of inflation experienced in the United States of America, President Joe Biden extended the Child tax Credit act and introduced 3 stimulus checks over the period to be paid to eligible parents. These checks were for an amount of $1,400, $600??? and $1,800? respectively. Furthermore, President Biden’s administration tried to get an act called the Build Back Better act legislated which would allow for further stimulus checks to be paid this year, that is 2022. However, failure to secure support from democratic Senator Manchin means that President Biden’s administration will be trying their best to get this act passed. They may have to make some alterations of it, however, to win over Senator Manchin who believes the expensive bill estimated at costing at least $1.75 trillion would hike inflation, that is according to CNBC. Lastly, another criticism Senator Manchin has of such proposed legislation is that it might deplete funds generated over 10 years in a matter of but a few years. However,  Senate Majority Leader Chuck Schumer, wrote last year December that: “We are going to vote on a revised version of the House-passed Build Back Better Act – and we will keep voting on it until we get something done,”. according to CNBC – Schumer further added in a stated that: we are not giving up on BBB. Period. We won’t stop working on it until we pass a bill.”

Conclusion

To conclude the year 2022 has started – whether the Build Back Better act will be legislated whether amended or not remains to be seen, sadly though – the COVID-19 pandemic has affected millions of American citizens and this may lead to inflation inequality as the poor in America without any real promise, at this time, of further federal help, might according to CNBC be “slammed by rising prices”. However, the rate of unemployment has recently risen to 4.8%, perhaps the first real good news is a largely contracted U.S. economy in the COVID-19 environment.

 

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