Will Joe Biden’s economic plan really rescue the US economy?

It’s clear the world’s largest economy is in need of major support, writes Ben Chu. But is the $1.9 trillion Biden plan sufficient to transform the situation?

The first hurdle is defeating the virus (REUTERS)

The incoming Biden administration has produced what it describes as an “American rescue plan” for the domestic economy.

And there’s no dispute among economists that the US economy is in need of major support.

As Joe Biden is inaugurated as the 46th president in Washington on 20 January, the level of US economic activity is well below where it was at the end of 2019 thanks to the historic and ongoing shock of the coronavirus pandemic.