Home Economy IMF backs Biden's $1.9 trillion American Rescue Plan

IMF backs Biden’s $1.9 trillion American Rescue Plan

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Updated: February 27, 2021

President Joseph R. Biden Jr.’s $1.9 trillion American Rescue Plan has received support from the Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva.

Speaking with reporters at a virtual roundtable on Friday, Georgieva said Biden’s ambitious plan to get COVID-19 under control and send direct checks to the most vulnerable in the society will bolster the U.S. economy.

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She said there is “enough space” in the U.S. economy to accommodate more stimulus spending.

She is not alone. On Wednesday, Francis Suarez, Republican Mayor of Miami, and Rick Kriseman, Democratic Mayor of St. Petersburg, published an op-ed in the Tampa Bay Times, describing the desperate situation on the ground in Florida’s cities, and urging Congress to pass President Biden’s American Rescue Plan.

The mayors wrote: “President Joe Biden has laid forth his comprehensive American Rescue Plan and it’s already received bipartisan support. The plan is bold and ambitious but even then, there’s nothing in the plan that’s extraneous or not absolutely necessary at this moment.”

Georgieva and the mayors join more than 400 more bipartisan mayors vocally supporting the plan – along with a long list of economists and economic organizations urging the benefits of immediate relief including BrookingsMoody’s Analytics, and the Chief Economist of the International Monetary Fund. And a Reuters survey of dozens of economists found that over 90% believed that it would “boost the economy significantly.”

The American Rescue Plan has also received praise from across the political spectrum – from the U.S. Chamber of Commerce and the Business Roundtable to Senator Sanders and organized labor. And, top economic advisors from the last four presidents: Kevin HassettGene SperlingR. Glenn Hubbard, and Alan Blinder have all said that additional stimulus is needed to rescue the economy.

On Thursday, two new polls showed that Americans across the board support President Biden’s response to the crises the country faces upon taking office two weeks ago, including support for his approach to the pandemic and his American Rescue Plan.

According to a new Associated Press-NORC Center for Public Affairs Research poll, 61% of Americans approve of how President Biden is “handling his job in his first days in office,” including a quarter of Republicans. The Associated Press notes how the polling shows “a majority of Americans say they have at least some confidence in President Joe Biden and his ability to manage the myriad crises facing the nation, including the raging coronavirus pandemic.”
 
Additionally, Navigator Research released new findings that show seven in 10 Americans support the economic relief package, and that “each provision of it earns support from at least three in five Americans.” Overall, 72% of respondents said they support President Biden’s American Rescue plan, including 91% of Democrats, 69% of Independents, and 53% of Republicans – an overwhelming majority across all party lines. The polling also showed that three in five people are more concerned that the federal government “will not do enough to get help to regular people” and agree “the government needs to do more to help regular people.”
 
The new research added to the drum beat of polls that show a groundswell of bipartisan support among Americans for President Biden’s American Rescue Plan. Yesterday, a Quinnipiac poll also showed that 7 in 10 Americans support the plan, which came on the heals of other polls from Monmouth and Yahoo/YouGov – both showing broad support for the President’s plan.

The recent Monmouth Poll showed that 71% of Americans would prefer Republicans in Congress find ways to work with Biden and Yahoo/YouGov showed that the President’s plan more than two-thirds of Americans support core elements of the American Rescue Plan, including direct payments (74%), funding for vaccines (69%), a minimum wage increase (58%).
 
Local elected officials support President Biden’s plan too. At least 411 bipartisan mayors sent a letter to Congressional leadership urging immediate action on the plan. The National Association of County Officials,  US Conference of Mayors, and National League of Cities have all recently praised the American Rescue Plan.

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Simon Ateba
Simon Ateba
Simon Ateba covers the White House, the U.S. government, the International Monetary Fund, the World Bank and other financial and international institutions for Today News Africa in Washington D.C. Simon can be reached on simonateba@todaynewsafrica.com

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