New year, new president, new issues: what you should know

We are now several months into President Joe Biden’s term as the 46th U.S. president. How are things playing out? What steps has he taken thus far? What should you be on the lookout for? Let’s take a look.

Major issues

Job growth. President Biden’s first year in office could go down in history as a record-breaker on the job-creation front. That should come as no surprise given the unemployment rate peaked at an unprecedented level in April 2020. In other words, it basically has nowhere to go but up.

Further, the rollout of several COVID-19 vaccines in recent months has allowed many Americans to emerge from a year in hiding, thus providing some with the opportunity to seek (or return to) employment.

Unemployment benefits. The president recently signed the American Rescue Plan Act, a $1.9 trillion stimulus measure to shore up the economy. Additional stimulus checks quickly began making their way into qualified Americans’ bank accounts, and $300 weekly unemployment insurance payments were extended through September 6, 2021.

Minimum wage. The president has repeatedly called for raising the federal minimum wage, currently set at $7.25 per hour, to $15 per hour. With the U.S. Senate now controlled by Democrats, the White House is expected to be able to secure the congressional support necessary to increase the rate, likely on an incremental basis over the next several years.