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The success is total. The solidarity exemplary. The determination unfailing. And that\u2019s not even counting the phenomenal success of the USA\u2019s vaccination campaign: I myself got vaccinated in March well before my age bracket was called and just two days after I signed up for it. The US government has achieved another great feat as its citizens make their way out of the Covid crisis \u2013 financially \u2013 in a better position than before the beginning of the pandemic. While sensitive to social protections, Europe seems to have lost a part of its soul because of this crisis, after having been outdone by a nation that traditionally doesn\u2019t demonstrate this kind of quality. In the end, it will come out of it having lost its credibility \u2013 this Europe \u2013 in so much that in cannot totally attribute America\u2019s incredible accomplishment just to Biden (and his gargantuan 1.9 billion rescue plan) because even Trump, the despised one, had his two plans that were adopted towards the end of his tenure.<\/p>\n
Studies by Brookings have shown that the country\u2019s economy wouldn\u2019t be able to recover before the end of 2023 without this series of stimulus packages, with the economic figures indicating that the fundamentals have returned in May 2021 to the levels they were on at the beginning of 2020. Americans have therefore learnt their lessons from the past. And from the recent past, because everyone remembers Obama\u2019s prudent recovery plans in 2008 that were wholly responsible for the timid and unequal recovery. In fact, America\u2019s authorities have gone even further with regards to the Covid crisis because, while they have of course spent a lot more, the have also spent a lot better. The emphasis has in fact been focused particularly (now under Biden and at the end of Trump\u2019s tenure) on substantial aid for families, whereas almost all of the aid before went to companies and the most well-off. It is therefore a drastic revision of doctrine that has taken place during the Covid crisis because \u2013 in fact \u2013 the United States of America has now officially given up on its supply-side policy whilst also throwing the myth of trickle-down economics to the wind.<\/p>\n
A typical family will therefore have now received three cheques: $1,200 per adult in spring 2020, 600 in December of the same year and 1,400 in March 2021! The impact on consumption, on household morale, but also the residual effects on business investments, have been massive because these extra no-strings-attached sums given to the citizens of America are equivalent to nearly $11,000 for a family of four over the course of one year. Such direct support to the public by giving out cheques has been a gamechanger. It is unprecedented in World History since it has openly favoured individuals and allowed them to compensate their income lost due to the pandemic, without frills and without bureaucracy. Some bitter \u2013 or rather jealous \u2013 individuals will accuse it as being \u201cpopulist\u201d, attacking the lack of involvement of intermediary bodies who would only have slowed down the process, and even diminished the final amounts distributed.<\/p>\n
It\u2019s nevertheless a Copernican revolution initiated in the US that is unfolding before our very eyes. It is all the more admirable given that Europe \u2013 whose average GDP contracted by 6.7% in 2020 \u2013 needed such active measures, in any case much more than the USA that only lost 3.5 GDP points over the same year. Europe\u2019s faint-heartedness and bureaucracy have thus borne out nothing conclusive, while the economy that it manages has shrunk by twice what the USA\u2019s has. America\u2019s generosity, in turn, will have allowed its citizens \u2013 including and above all the least well-off \u2013 to calmly ride out this crisis, that has indeed revealed our continent\u2019s shortcomings and growing indecisiveness.<\/p>\n","protected":false},"excerpt":{"rendered":"
The success is total. The solidarity exemplary. The determination unfailing. And that\u2019s not even counting the phenomenal success of the USA\u2019s vaccination campaign: I myself got vaccinated in March well before my age bracket was called and just two days after I signed up for it. The US government has achieved another great feat…<\/p>\n","protected":false},"author":4,"featured_media":21365,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"mc4wp_mailchimp_campaign":[],"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[648941778],"tags":[],"class_list":["post-21370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stimulus-checks"],"yoast_head":"\n