Gold remained inert to U.S. President Joseph Biden’s large and hazardous economic plan, and ended up dropping below $1,700 yesterday.
PRESIDENT BIDEN’S $1.9 TRILLION COVID-19 STIMULUS IS COMING!
On Saturday, the U.S. Senate passed the American Rescue Plan on a party-line 50-49 vote. This means that after the House’s vote today, Biden could sign the bill into law soon, and those $1,400 payments to most Americans could start to go out as soon as this month.
The final bill includes not only $400 billion in checks of $1,400 to most Americans, but also $300 a week in extended unemployment benefits, and $350 billion in aid to state and local governments.
The American Rescue Plan would be one of the largest stimulus packages in U.S. history. It would also be one of the most frivolous and superfluous economic programs. There is simply no need for such a large plan. Please take a look at the chart below.
US personal income