$2 Trillion COVID-19 Bill Hits The floor… and our future* wallet books
Not just our children, but ourselves as well.
Trump has agreed to sign the deal and the senate passed it unanimously. We are waiting only on the house at this point, sadly:
The U.S. Senate overwhelmingly passed a massive $2 trillion stimulus package late Wednesday to ease the economic impact of the coronavirus pandemic.
The largest stimulus legislation in the country’s history cleared the Senate floor with a 96-0 vote with some lawmakers missing as they were self-quarantining or ill.
Aimed at getting money to Americans and businesses amid the pandemic, the bill’s next stop is the House of Representatives, which is scheduled to vote on it Friday.
The bill includes $500 billion for large corporations as the U.S. grapples with a major economic freefall putting it on the verge of a full-blown recession as well as a $367 billion loan program for small businesses and $150 billion for assistance to state and local governments.
Individual Americans will be eligible for $1,200 in direct payments and additional $500 payments per qualifying child as long as their annual income does not exceed $75,000 or $150,000 if a household files joint returns. Unemployment insurance is also being increased, while payments on federally-held student loans are being temporarily suspended.
It also includes a $340 billion supplemental package to combat the outbreak itself, including $117 billion for hospitals, $45 billion for FEMA’s disaster relief fund and $11 billion for vaccines, therapeutics and other medical needs.
The bill is the third congressional effort to aid America in the grip of the outbreak and is the largest effort taken thus far.
$2 Trillion is A Lot
Current US GDP is about ~$19 trillion / year.
Current US debt is ~$24 trillion.
This one bill is a little less than 9% of our current debt. Our current debt that we have accumulated over multiple centuries.
This entire bill is simply a political move by both parties.
Trump is in the middle of an election year and needs to do something. What better way to get a heads up on the election than by literally bribing every citizen with $1200 and a massive bailout bill for companies?
This entire move and package is textbook distributional socialism, a democrat move. Yet Republicans are supposedly “conservative” fiscally (insert doubt meme here).
The democrats themselves have noticed The Trump Dilemma™ and have used this political situation to block action on the bill. That way they can further their agenda bullsh*t which also drives up the cost:
Democrats again block action on Coronavirus Stimulus
Hours after Democrats blocked the nearly $2 trillion package, a marathon set of private negotiations appeared to have yielded important compromises.
In the House, Democrats unveiled their own stimulus package, which would provide more than $2.5 trillion in federal spending. It remained unclear how that 1,404-page measure would be reconciled with any compromise legislation that emerges from the Senate negotiations.
The House bill introduced on Monday, according to summaries circulated by Democrats, would deliver $1,500 in direct payments to individuals and more than $150 billion to hospitals and government health programs, and it would create an unemployment compensation of $600 a week along with regular unemployment benefits.
It would also include a national requirement for 15 days of early voting and no-excuse absentee vote-by-mail and election funding and nearly $60 billion for schools and universities, coupled with free coronavirus treatment and expanded paid leave.
Those same Democrats changed the bill to require half of the corporate loans to become grants (free money), increase unemployment payments for low wage individuals above their previously earned wages, and increased the total cost by hundreds of billions of dollars.
And don’t worry, like all bloated government bills this also houses lame stuff such as:
- $900 million in heating and cooling aid
- $300 million for fishing industry
- $25 million for an art center
- $75 million for Corporation for Public Broadcasting
- $10 million for the smaller Senate for teleworking and other costs
- $25 million for the House
- $25 million for cleaning the Capitol and congressional office buildings (apparently it costs more to clean the Capitol when nobody is there? Surprising.)
- And hundreds of millions for similar unrelated garbage
This Bill Will Further Crush Us Financially
Keeping businesses alive through loans is fine. In fact, I’d argue it’s essential. Give them loans similar to student loans with a reasonable interest rate not due to start repayment until a future date.
Or you know, don’t shut down the entire economy over a minor coronavirus in the first place.
Everything else in this bill is moronic.
$1,200 to every person and $500 for every kid? That’ll help the average American: for one single month.
Yet it’ll put us further in debt for decades to come.
Guarantee a year from now we will look back on this bill and wonder how anyone could of thought this was a good idea.
This is just further proof that Modern Republicans Are The Democrats of 20 Years Ago. They both operate the same at this point.
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