Corona Virus And The American Rescue Package

Corona Virus And The American Rescue Package

Today, America is in a bind about its healthcare systems. The already burdened system is being further burdened with the Covid 19 virus and is now threatening to bring the system on its knees. The virus is going on a rampage with newer mutations!! The virus seems to be one step ahead of the vaccine with mutations coming from various countries. We already have new versions of this virus from the UK, South Africa, Brazil. if this trend continues then it would be safe to say this virus may come from other countries as well.

Corona Virus And The American Rescue Package

Even with all our technologies and value-based solutions, we have woefully failed to rein in this pandemic. What is needed is fully integrated management of the healthcare system to improve the administration to enable more Americans to access medical aid without compromising on the quality of medical treatment. 

Corona Virus And The American Rescue Package

Corona Takes its Toll on Human lives and Economy

This virus has a cascading effect. Firstly, it affects individuals while their near and dear ones who have no idea if the patient will come out alive. The death of a loved one due to the virus is devasting for the family.

 It also affects the economy as a whole due to the lockdown where all the commercial establishments are closed or are open for short hours. The government is forced to ask citizens to stay at home for prolonged periods of time. 

We are in the second wave in the US and some countries are on the verge of the third wave. Besides, the current crop of vaccines does not guarantee one hundred percent protection against this virus. Some of the vaccines currently available include Pfizer BioNTech, Johnson and Johnson vaccine, and Moderna NIAID Vaccine. More vaccines will be available to the citizens when they are approved by the government.

American Rescue Plan

As far as Covid is concerned, the hospitalization, treatment, consultancy, e, and other incidentals are pretty expensive and not affordable by a section of the population who are not covered by any health insurance.

Fortunately, there is a respite for all citizens who have suffered financial loss due to loss of jobs and closure of businesses. The government has announced a coronavirus relief package for millions of unemployed citizens. 

During his term as president, Donald Trump had enacted an act where he announced a relief package of $ 4 Trillion and came at a time when the world economy was in the doldrums. This amount helped the economy to get back on its feet.

Meanwhile, President Joe Biden also worked out a package after meeting with a bipartisan group of mayors and pushed for the approval of an American Rescue Plan. The package was subsequently passed in the house of representatives and is practically a law. 

The American Rescue Plan is valued at the US $ 1.9 Trillion and is meant to give an impetus to the economy. The primary aim of this rescue plan is to stabilizing families and individuals reeling under the effects of the pandemic. It is also aimed at preventing poverty and propping up consumer spending and helping the economy.

The US will also coordinate with the G7 countries to plan a global road map to revitalize the economies. 

This legislation also offers tax breaks of up to USD 10,200 on unemployment benefits collected during the last year (2020). For married couples, the tax break is USD 20,400. These tax breaks do not apply to high earners. Currently, there are more than eighteen million workers on unemployment benefit

Will The Rescue Plan Take Into Account Future Recessions Needs

The American Rescue plan has taken into account the stress caused for jobless workers and is working towards a system where automatic stabilizers will guarantee longer and more robust unemployment benefits during the recession and in the recovery stages

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