Biden’s decision aims to reactivate the country’s productive apparatus and thus gradually recover from the impact of the COVID-19 pandemic on the national economy

NATIONAL. Joe Biden, President of the United States / EFE

On Wednesday afternoon, President Joe Biden is expected to sign an executive order aiming at the development of a supply strategy that avoids relying on “foreign rivals” such as China.

According to information from the EFE news agency, with this order the democrat will instruct his government officials to create strategies together with allied nations for the production of parts for computers, minerals and drugs.

The decision aims to reactivate the country’s productive apparatus and thus gradually recover from the impact of the COVID-19 pandemic on the national economy.

The Biden government estimates that this movement will leave behind recent episodes, such as when at the beginning of the pandemic there was a severe shortage of masks.

EFE added that the order will not mention countries; however, the White House recognizes the dependence of the United States on China in this regard.

The news agency recalled that a couple of weeks ago there was a telephone meeting between Biden and his Chinese counterpart, Xi Jinping. After the call, the Democrat assured that “we simply have to accelerate.”

Growth

As the COVID-19 vaccination opens up a possible scenario of a return to normal life, the United States moves into an unusual experience that could produce an economy that many Americans will not recognize, for better or for worse.

Factories are kicking in and consumers are spending again, signs that the United States could emerge from the current health crisis with its fastest growth in decades. Goldman Sachs expects the economy to expand this year at an annual rate of 7%, the fastest pace since President Ronald Reagan’s proclamation in 1984.

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The question is whether that accelerated rebound can be made durable, freeing the country from the low growth that has prevailed for most of the past 20 years, or whether it will instead fuel a kind of inflation that has not been seen. since 1970.

Leading economists such as former Treasury Secretary Larry Summers already warn that a possible “overheating” could end in a new recession, according to The Washington Post.

After 20 years of low growth, the odds are against a prolonged boom. But the pandemic has catalyzed new thinking about fiscal and monetary policy, creating the most favorable conditions for restoring vigorous economic growth for decades.



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