Biden’s economic promises: a million jobs and new hope for low-income people
US President-elect Joe Biden has pledged to create one million new jobs for Americans, among his clearest economic promises since his election success.
During a news conference on Saturday, Biden said that he is also committed to improving conditions for people on low incomes.
Biden’s clear pledges come in light of the recession and unemployment crises that hit the country’s economy.
Investors eagerly awaited the new US president’s economic agenda to conclude that he can overcome the current difficulties.
Biden announced the nomination of Jennifer Granholm to take over the position of energy minister, saying that his administration would support the move towards clean energy and create new jobs in the fields of electricity.
If the Senate approves her appointment, Granholm, 61, will be in the front row to help develop alternatives to fossil fuels promised by the Democratic president during his election campaign.
Granholm, who was also Michigan’s attorney general, has fought for clean energy and has experience negotiating with major car groups.
She worked closely with Biden when he was Vice President Barack Obama, and she was the governor of the state, as they were in close contact during the auto industry bailout program in 2008.
The unemployment dilemma and Corona
The US economy suffered a historic recession, which reached an annual pace of 31.4% in the second quarter of this year, with a historic jump in unemployment that peaked at 14.7% last April.
Despite the recovery of GDP in the third quarter, up 33.1% and the unemployment rate fell to 6.9% by the end of October, the economy is still below pre-epidemic levels, with millions of Americans remaining outside the labor market, especially in the tourism, entertainment, restaurant, and other sectors.
Despite the US economy’s record growth in the third quarter, it is still less than its peak by about 3.5%, and some estimates indicate that it will return to the contraction zone again in the coming period.
The United States sees an acceleration of new cases of the “Covid-19” virus as the pace of the economy’s recovery slows.