After several days of dragging, President Donald Trump finally signed the Corona Virus Relief and Government Grants Bill on Monday morning (according to Indian time). This has brought immediate relief to millions of people of the country. Had Trump been adamant on his earlier stand, the government assistance to millions of these people during the epidemic would have stopped. The period of unemployment allowance being provided under this relief package of $ 900 billion has been extended. Under this, there is a provision of giving a check of $ 600 per adult person per month.
This package was approved by the US Congress (Parliament) only last week. But Trump refused to sign it, saying that the relief given to Americans under it was very low, while the amount of foreign aid was also included in the same package. Trump told Parliament that he should have made a provision to give a check for $ 2000 to every person. The Democratic Party immediately supported this proposal. The proposal to give $ 2000 was first proposed by Socialist leader Bernie Sanders, but Trump’s Republican Party was against such a huge support. The $ 600 package was agreed upon after lengthy negotiations between the two parties.
Political observers say that Trump now focuses on being a candidate for the 2024 presidential election. Through this bill, he gave the message that Parliament ignored the poor people of the country, while they are advocating them. For this, he also put his party in an uncomfortable position. After giving this message, he finally signed the package.
The corona epidemic has a very bad effect on ordinary people in America. An example of this has come to the fore that there has been a big decline in the ability of people to take loans. According to a survey report by the Federal Reserve Bank of New York, applications for borrowing or raising the loan limit in the country are being rapidly rejected. Since February this year, this rate has increased drastically. The highest number of such requests have been rejected by credit card holders. Secondly, there are auto loan applications which have been rejected. This year, only those loans have increased, in which some mortgage was taken in lieu of loan.
According to credit-related agency Credit Union Service Organization (CUSO), credit card spending fell by 28.9 percent as soon as the epidemic began in the US. The lockdown forced people to stay indoors. This changed the trend of general spending and shopping. Millions of jobs went in the meantime. Due to the economic insecurity created by it, people reduced the use of credit cards. While it was also seen that debit cards increased spending.
Amid the effects of the epidemic, millions of people have become dependent on government relief packages. America is among the countries where the government provided the most generous relief packages during the Corona epidemic. The first package was for December. If Trump was adamant on not signing the second package, then from January 1, people would stop receiving government assistance. But now they will get this package for 11 more weeks. By then, the new president, Joe Biden, would have taken office, and then the eyes would be on how he adopted the policy of providing relief from the epidemic.