Economic Affairs: The coming Biden boom

The biggest spending spree in a generation could be transformational for the US and the global economy, but with some possible nasty side effects

Mr Biden has indicated that he is open to alternative proposals to fund the spending programmes.PHOTO: AFP

Less than a month after the US Congress passed the US$1.9 trillion (S$2.6 trillion) American Rescue Plan, President Joe Biden has announced a US$2 trillion to US$2.5 trillion infrastructure package, soon to be followed this month by a social spending plan of as yet unknown proportions, but likely to be of the order of another US$1 trillion at least.

So, with upwards of US$5 trillion in spending - more than 20 per cent of gross domestic product (GDP) - being tabled within three months of the start of the Biden presidency, Bidenomics has begun with a bang.

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