Originally posted by the Voice of America.
Voice of America content is produced by the Voice of America,
a United States federal government-sponsored entity, and is in
the public domain.


Biden Vows Economic Recovery 'For All Americans'

Ken Bredemeier

   WASHINGTON - U.S. President-elect Joe Biden, facing a flagging economy
   staggered by the coronavirus pandemic, vowed Tuesday to build a "new
   American economy that works for all Americans" when he takes office
   January 20.

   "I know times are tough, but I want you to know that help is on the
   way," Biden said in his hometown of Wilmington, Delaware, as he
   introduced his key economic advisers, including former Federal Reserve
   chair Janet Yellen as his nominee for Treasury secretary.

   Biden urged Congress, where negotiations have deadlocked for months on
   more coronavirus aid to workers and businesses, "to pass a robust
   package of relief" in December before newly elected lawmakers take
   office in January.

   But he acknowledged that any new aid "is likely to be -- at best --
   just the start," and promised to put forth new spending proposals once
   he starts his four-year term.

   K-shaped recovery

   With tens of thousands of new coronavirus cases being recorded every
   day in the United States, Biden said the economic fortunes for
   Americans have been uneven, part of what economists are calling a
   K-shaped recovery.

   "For those at the top," Biden said, "jobs have come back, and their
   wealth is rising. But for those in the middle and the bottom, it's a
   downward slide. They're left figuring out how to pay bills and put food
   on the table."

   He said, "Almost one in every six renters was behind on rent payments
   as of late October."

   He said his team of economic advisers "will create a recovery for all
   and get this economy moving again."

.