balanced fund quarterly report

March 31, 2021

Economic Commentary

When President Joe Biden took office in January he promised that 100 million Americans would be vaccinated within his first 100 days in office. That roll-out plan has since been accelerated to include 200 million people. Unfortunately the vaccine roll-out has not been as expeditious on a global basis with many countries, particularly Canada, lagging the pace of the leading countries. Tempering this optimistic outlook is the reality that there are new variants of the COVID virus now circulating, causing lockdowns and economic setbacks in many countries around the world.

President Biden outlined two new aggressive fiscal stimulus programs. The initial package, the American Rescue Plan, is a US$1.9 trillion COVID relief bill will provide the economy a further boost over the near-term. The second program, the American Jobs Plan, provides US$2.25 trillion towards improving the country’s infrastructure. This latest package will be funded, in part, by increased taxes, particularly in the form of higher corporate taxes.

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