It’s called the $1.9 trillion “stimulus deal,” the “relief bill, the “rescue package,” yet only 9 percent of it actually goes toward stimulating the economy. President Joe Biden’s tax plan seems to be aimed at the wealthy—bumping up the income tax on those earning more than $400,000 and expanding estate tax. But will the effect ripple onto lower-earning Americans?
Where is the remaining 91 percent of the $1.9 trillion “stimulus deal” going? Well, there’s the gender-equality spending, the bailing out of heavily indebted cities such as Los Angeles and San Francisco, and the $4 billion for New York’s transit system—to name just a few allocations that appear completely removed from stimulating the economy.
Despite mass numbers of people not working due to the pandemic and people leaving big cities like New York to live in the suburbs, America is in the midst of a housing boom. In some places, prices have risen by as much as a third in just the space of a year. We look at some of the factors driving this, and why the prosperity could be on borrowed time.
Hosted by NTD journalist, Brendon Fallon, Wide Angle is following the latest political developments in the United States and abroad, and finding the connection between these and the larger global trends of our times.
Wide Angle is an NTD show available on YouTube and on the NTD website.
