How the Joe Biden presidency could impact your money
As you take a closer look at your financial footing amid the headwinds of a pandemic, it’s an excellent time to examine the possible impact of a Joe Biden presidency on money matters.
The balance of Congress has shifted following the Georgia runoffs, providing possible momentum for President Biden’s agenda.
A new COVID check, taxes, health care — it’s all on the line. Here’s how.
A SHORT FUSE ON ANOTHER ROUND OF STIMULUS CHECKS
Look for another round of pandemic relief shortly after Biden’s inauguration, says Bernard Yaros Jr., an economist with Moody’s Analytics.
“In February, we expect that there’s going to be a COVID-specific relief package,” Yaros says. That measure will likely once again extend unemployment insurance benefits, with enough support for another round of checks issued to Americans, “whether it’s 2K or slightly lower,” he says.
Small businesses are likely to receive more grants and forgivable loans, as well.
“And we’re also thinking, you would probably get some additional funding for rental assistance,” Yaros adds.
MOVING FROM RELIEF TO STIMULUS
With Democrats gaining two seats in the Senate from the Georgia runoffs, there is now a greater possibility of moving from “relief” to “stimulus” mode in late 2021.
“That’s because now that the Democrats have a simple majority in the Senate. They can pass changes to the tax code as well as implement changes in spending,” Yaros says.
Moody’s Analytics economists expect the Biden administration will dedicate increased funding for enhancements to “social safety nets,” possibly including:
— Expanding eligibility for Medicare.
— Retooling Obamacare into Bidencare.
— Rolling out paid sick leave protections.
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