The whole economy feels like nonsense now. There's a massive overabundance of both capital and labor required to meet actual needs, so we keep creating ever more useless games to play with capital so that we can create more capital that the world doesn't need or actually use. In the meantime, massive portions of the population are struggling to make ends meet. I don't know where this ends but it can't be good.
You are seeing one response in the various relief and reform proposals put forward by the Biden administration. Biden is following FDR’s blueprint of first relief then reform in response to a crisis. The refundable child tax credit alone has the potential to sharply curtail extreme poverty.
Whether it works or not is to be seen. You can look at both Biden and Trump as the end of the arc of neoliberalism that began with Reagan. The same broad moves seem to be happening in other peer nations.
