For the first time in the United States history, the US Senate has unanimously passed a US $2 Trillion relief bill, code-named CARES Act – Coronavirus Aid, Relief, and Economic Security Act.
Under the bill, is on the right track to becoming law before the end of this month,
- Every Individual American received the US $1,200.
- Each American child to get the US $500
- All small businesses to share a total of the US $300 billion
- All companies assessed as distressed to share the US $500 billion
- Health care sector to receive US $100 billion, part of which, I think shall help upgrade healthcare facilities as well as research.
This follows a similar relief Fund announced by the United Kingdom in March 2020.
Here is why I say hooray to American leaders. Always finding ways to help the country overcome the biggest challenges of our time. They have managed to make the country attractive for investment and lenders despite an increasing debt.
According to thebalance.com, the U.S. National Debt currently stands at 24.1 Trillion as of April 2020. To know the details of the US debt, click here. Japan and China, together hold 2.36 trillion of the total debt.
The money to individuals, children and small businesses shall help increase consumption and spur growth. This is one of the best economic and people-friendly bill the country has passed.
I hope all countries shall take note and do their best to stimulate demand which spurs production as the demand for products and services increases.
In Uganda, for example, the country must come in to help small businesses and individuals. The majority of people have been out of jobs meaning they do not have the income to buy goods and services which could collapse the entire economy.
Copyright Mustapha B Mugisa, 2020.