President Joe Biden and the Democratic Congress are giving many Americans a check for $1,400, and it will only cost them $5,929 each.
That’s the share for every man, woman and child in the country of the $1.9 trillion partisan COVID-19 relief package passed by Congress over the weekend.
The price tag amounts to half the $3.8 trillion the federal Treasury expects to take in this year in tax revenue. And it comes on top of the $3.4 trillion in pandemic spending approved last year under President Donald Trump, for a total cost per American of $10,269.
Democrats pushed through this bill so they can take credit for rescuing an economy that is already in recovery. Notice how they trash-talked the February jobs report, which indicated 379,000 jobs were created in February, more than twice the new jobs in the adjusted January report.
Even before the reckless COVID package passed, economists were projecting first quarter growth would come in at a robust 3.2% rate.
Flooding the economy with nearly $2 trillion in deficit spending at a time when it is poised to boom coming out of the pandemic is unnecessary and, worse, potentially inflationary.
The economy doesn’t need artificial stimulation, and most Americans don’t need a gratuitous check from the government. Despite the pandemic, household incomes grew 6.8% in 2020, and savings grew by an extra $1.3 trillion, money that will presumably be unleased as the shutdowns go away.
But many Americans are suffering and need help. Instead of targeting relief to them, Biden and the Democratic Congress printed an extra $1.9 trillion and shot it out of a confetti cannon.
Democrats seized the opportunity to spread the money to as many of their constituent groups as possible.
The Wall Street Journal said just $825 billion will go to actual COVID-19 relief, while $1 trillion will fund a variety of progressive programs and pure pork.
Examples include more than $1 billion for various museums and art programs; $350 billion to state governments, allocated based on unemployment, which are higher in Democratic states where shutdowns were tighter; another $122 billion for schools, most of which will be spent after the pandemic is over; $1.5 billion for Amtrak, four times the amount the train system lost last year, and $86 billion to bail-out pension plans.
Perhaps the most curious on a list of baffling appropriations is $5 billion to forgive the federal loans of all minority farmers, plus a 20% premium on the loan for their pockets. Struggling white farmers got no such relief, which calls the constitutionality of the allocation into question.
Is this really the kind of spending Americans want to take on nearly $6,000 each in extra debt to support?
The national debt has surged by more than 200% since 2008, to $28 trillion. Before this latest stimulus/relief package, the individual share for every American was more than $84,000.
When the debt numbers reach the point where paying them off is an incomprehensible concept, the tendency is to just shrug and keep spending. What’s another $2 trillion piled on a mountain already out of reach?
Or even $2 trillion more? That’s what’s up next to pay for Biden’s infrastructure plan, which he hopes to have signed by July 4.
With the nation’s roads and bridges crumbling and sewers and water lines rotting, that expenditure could be swallowed as a worthy investment, and one that might pay off in increased commerce.
But just like the COVID-19 package, the infrastructure proposal is being twisted by Democrats to please special interests. So instead of repaving roads, rebuilding bridges and replacing water lines, much of the money will go to social justice experiments and renewable energy boondoggles.
Who cares, right? Since we’ve already passed the debt doomsday mark, we may as well keep partying while we wait for the implosion.
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