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
New: Gift this subscriber-only story to your friends and family

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.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.