Biden’s bold economic plan

ABC News Economic Correspondent Deirdre Bolton discusses President Joe Biden’s executive actions to expand food stamps and move toward a $15 minimum wage for federal workers.
3:37 | 01/23/21

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Transcript for Biden’s bold economic plan
For more on president Biden's economic plan and its potential impact we bring an ABC's economic correspondent Deirdre Bolton. Deirdre thanks so much for joining us now Biden's plan expands benefits for unemployed Americans a latest jobless report showed a slight decrease in new unemployment jobs the companies continue to lay people off. They assured we're analyzing this was the first thing I. Out of president Biden's mouth this afternoon talking about in the jobless the fact that those numbers are rising and people through no fault of their own have lost their positions. So if we look at the overall economy and me even data this week to show quite frankly we're going in the wrong direction and the most recent data points from the Department of Labor. Should that last month that we lost a 140000. Jobs so this is the first time we've actually net net lost jobs. Since April it's not a surprise while the virus is here is really difficult for people to want to go and even if it's legal it's your restaurants and bars to travel. There are so many industries that are hard hit and Lindsay you know this statistic as laws I do. There are close to sixteen. Million Americans who are on some form of unemployment benefits are right now. Wednesday and today the president extended the snap program known of course is for food stamps for an estimated twelve million Americans get a sense of how much the pandemic has made matters worse when it comes to. Issues like poverty and hunger in this country. It really has about one in six Americans is really threatened to buy food scarcity and if you look at that statistic we that is a 50%. 50%. Increase. If you compare that number to 2019. So almost impossible to overstate. How many people are really living in a vulnerable transition right now we know that president Biden. Sign off on an increase of course for the snap program. And then also encourage the US DH in crews are rather being crew and an increase by 15%. What school age children. Will have access to one of the side effects of the pandemic in the schools being closes on a lot of kids when they're not physically in school. Are not getting enough to east or not getting enough nutrition and their diet Lindsay. And factual is Biden's order and it works toward a fifteen dollar an hour minimum wage for federal workers and might that be able to help pave the way firm for broader minimum wage increases. This is huge news I mean people have been talking about this for years the last time that we saw the government move on this was 2009. And we stopped course that seven point 25 or seven dollars 25 cents an hour. Federal wage of his does not be antsy. But a little pressure on congress to pass this not just for federal contractors which president by ended today. But it's you consider increasing menace for all workers. What's interesting issue is we had a little bit of a task bubble and by that I mean economists were watching ringing the closing that cares act in March you know we had that 600 dollar per week. That was not by accidents you know actually take a forty hour work week. Times the 600. You do in fact can break it down into this new minimum wage and when economists were looking at that they just said you know where that did increase consumer spending which of course as we now. Is two thirds of our economic activity and there was that positive bump it sounds so there are a lot of economists even who's saying listen a higher federal minimum wages how Paul what would be more helpful. Is that higher minimum wage for all kinds workers Lindsay. Perhaps we're getting close to that deer Templeton. Our thanks to you it's.

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