Beyond individual lives, what will be the true economic impact of the American Rescue Plan? To answer this, we need to look at what makes a fiscal stimulus effective, the effectiveness of The Coronavirus Aid, Relief, and Economic Security Act (CARES) from May 2020, and what are the differences between that package and the current one.

According to the Center on Budget and Policy Priorities, “the impacts of the pandemic and the economic fallout have been widespread, but are particularly prevalent among Black, Latino, Indigenous, and immigrant households.”

The vaccine provides hope for many to return to work or to seek new employment opportunities. The rollout of the vaccine -- including the production, transportation, and administration -- created over 50,000 new job opportunities alone (Miranda 2021). Further, over 916,000 new jobs were created in March 2021, which is the largest amount since August 2020 (Casselman 2021).

Colloquially, inflation is generally ignored and misunderstood as a topic for stuffy economists. As consumers, we rarely notice the couple-cent increase in the price of our groceries, but this time we might.

A 70-year-old Seattle man emerged from the hospital to cheers last month after 62 days of fighting COVID-19 on his way to getting a clean bill of health. Then he received a 181-page bill for $1,122,501.04 for his stay.

In the face of multiple pressures on its economic growth, including the global recession, China would be able to enlarge its market size by releasing the inertia of its accumulated wealth. To achieve this, it would be vital to lower the cost of the healthcare system so people would feel less worried about saving money for medication.

In essence, urban Chinese have bet everything on their homes. They now have nearly 78% of their wealth tied up in residential property, versus 35% in the U.S., where more people invest in stocks and pensions.

The preliminary response to the pandemic was muted; rather than immediately banning travel to the United States and instituting stay-at-home orders, President Trump downplayed the danger of COVID-19. Leaked soundbites from February 7th have the president quoting that it is “more deadly than... your strenuous flus,” although he presented it to the public as just that— “a little problem” …

There is no doubt that this election was about the repudiation of Donald Trump and the ugliness he has brought out in this country. Civil rights and liberties were on the ballot, and people voted like their life depended on it, because it did. While those personal freedoms and rights took center stage, the economy got placed on the back burner. With Biden becoming President-Elect, it is important to understand his economic plan and how he will drive the country going forward. 

We live in an era of unprecedented innovation and growth. From social norms to technologies, our world is developing at an extraordinary rate. Enter COVID-19.