Introduction
To address a specific complicated issue, every country attempts to elaborate relevant policy intended at forming the maximum possible amount of material and labor resources. In this context, the US federal government’s containment measures regarding COVID‑19 produced an ambiguous effect on the national economy and well-being, costing billions of dollars and restraining the pandemic spread. Thus, this paper aims at examining the US actions concerning the COVID‑19 pandemic in the aspects of fiscal policy and biblical government principles.
Fiscal Policy
The fiscal policy represents government budgetary policy, which is a measure of impact on the economy by altering the amount of the budget expenditure and revenue, primarily through taxes or tax cuts. In the US, the President and Congress are the central political bodies that can make decisions and changes regarding this kind of policy depending on the current economic situation and public goals (Kraft & et al., 2020). The government response to the COVID‑19 pandemic is principally represented by acts such as Paycheck Protection Program and Health Care Enhancement Act and Coronavirus Aid, Relief and Economy Security Act (“Policy Tracker,” 2020). The given acts were introduced to help stabilize the economy by supporting small businesses via loans and grants, increasing unemployment benefits, and ensuring a food safety supply for the vulnerable. According to biblical government principles, any government must protect inalienable rights that imply supporting national well-being and adhere to the natural law by providing justice (Fischer, 2013). In this regard, the US Senate has the power to pass the acts since they maintain inalienable rights by providing aid and security and fulfill the natural law by helping small businesses and the weak.
The fiscal measures have gained widespread public and significant political support because of the deteriorating situation in the business sector, fast-pacing unemployment, and increasing, tremendous load on the healthcare industry. For example, in May 2020, the US unemployment rate hovered at over 14 percent (“News release,” 2020). Moreover, Steven Mnuchin, the US Secretary of the Treasury, declared that if no large government stimulus package would be realized, the unemployment rate could achieve 20 percent (Reuters Staff, 2020). Only due to the government’s combined efforts, the unemployment rate has been reduced to the mark of 8.4 percent (“News release,” 2020). Concerning financial feasibility, the first act cost $483 billion, while the second accounted for over $2.3 trillion, consisting of about 11% of US GDP, the greatest stimuli package in US history (“Policy Tracker,” 2020). Overall, this coronavirus stimulus will increase the total national debt by an additional $3.5 trillion (Sergent et al.,2020). To obtain the money, the Treasury began selling Treasury bills, and the Federal Reserve started printing money to prop up the US financial system.
In terms of practical feasibility, the government allocates all required resources, especially to inform the public adequately, promote transparency, and prevent frauds. For example, the website USA.gov contains all relevant information and necessary links related to COVID-19 and aid programs and measures (“Government Response,” n.d.). Nevertheless, the acts have also produced different problems, mainly for Internal Revenue Service (IRS) become overloaded because the number of payments to individuals, and IRS operations have significantly increased. Besides, due to the increase in morbidity, there is a deficit of the IRS office staff needed to serve the population.
Conclusion
In summary, the policy concerning the COVID‑19 should be supported and promoted by the public to provide an appropriate and comprehensive response to the pandemic and ensure an entire economic recovery. According to biblical principles, the government is established to develop a rational strategy and system that can guarantee justice in the country and inalienable civilians’ rights. Without financial and administrative support and resolute efforts from the government, the US population cannot overcome the current challenges and troubles related to the difficult economic situation and the fast spread of the infection.
References
Government response to Coronavirus, COVID-19 (n.d.). USA.gov. Web.
Fischer, K (2019). Biblical Principles of Government.
Kraft, M. E., & Furlong, S. R. (2020). Public policy: Politics, analysis, and alternatives (7th ed.). CQ Press.
News release (2020). US Bureau of Labor Statistics. Web.
Policy tracker (n.d.). The International Monetary Fund. 2020. Web.
Reuters Staff (2020). Mnuchin warns senators of 20% US unemployment without coronavirus rescue-source. Reuters. Web.
Sergent, J., King, L., & Collins, M (2020). 4 coronavirus stimulus packages. $2.4 trillion in funding. See what that means to the national debt. USA Today. Web.