Republican amnesia aside, the US bailout continues to help the American people
As the pandemic swept across the country, countless restaurants struggled to survive. To help keep these small businesses open and serve their communities, the American Rescue Plan’s Restaurant Revitalization Fund has distributed more than $ 28 billion to 101,000 restaurants.
Finally, the US bailout provided $ 350 billion in aid to support state and local governments. Consider the grim picture we were from just over a year ago. By December 2020, state and local government tax revenues had declined by hundreds of billions of dollars, and 1.3 million public servants, from police officers to teachers, had lost their jobs.
Thanks to the US bailout, we have averted this crisis and provided these governments with the resources necessary to face the pandemic and rebuild. In my own state of Vermont, we use these funds to build affordable housing and expand broadband access to our rural communities. In the country’s red and blue states, these funds support transportation infrastructure, new daycares, nursing homes, rural hospitals and food banks, among other worthy projects.
These are the same funds my fellow Republicans take for themselves now, but decried at the time as a “blue state bailout” and “partisan spending frenzy.” The last time I checked, supporting hospitals in rural communities was not a partisan issue, whether they were in Vermont or Texas. It is shameful how some elected officials can take these necessary resources with one hand while pointing fingers and throwing blame for political points with the other. This is partisan rhetoric about reality.
But what did the US bailout and the Biden program mean for the US economy?