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The Feds Just Stole Over $40,000 From Every Single American W/ The Most Absurd Excuse As To Why

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We have already spent 6,4 trillion dollars in COVID-19 relief. But, did we spend the money wisely? I am not sure. Here is what we spent the $2.2 trillion CARES Act, passed in March 2020; the $2.3 trillion HR 133, passed in December 2020; and the $1.9 trillion American Rescue Plan, passed in March 2021. But, what if we gave every taxpayer a share of that money? Every taxpayer would get $41,000. If we gave every citizen a share they would get about $18,000 each.

A family with three kids would have received $90,000 at $18,000 each. Not only would it help families survive, but it would have stemmed the flow of people living off their credit cards, and people spending the money would have stimulated the economy. It would seem like that could have been the better way to go. I think it should have been tax-free and in one lump sum.

As Brad Polumbo of the Foundation for Economic Education notes:

The COVID spending bills have all lost huge sums of money to unrelated carve-outs, politician pet projects, corporate bailouts, fraud, waste, and worse.

In the latest $1.9 trillion package, more than 90 percent of the spending is not directly related to containing COVID-19. Only 1 percent of the money, about $15 to $20 billion, is spent on vaccines. Meanwhile, hundreds of billions go to bailing out poorly managed state governments’ budget holes that predate the pandemic and $86 billion rescues failing pension plans. Meanwhile, billions more go to Obamacare expansion and subsidizing public schools long after the pandemic. 

Let’s look at two proposals that5 Biden wants passed. He wants the $2.7 trillion American Jobs Plan and the $1.8 trillion American Families Plan. That is $4.5 trillion dollars. If every taxpayer would receive $31,400 — $18,840 from the former bill and $12,560 from the latter. Now add in the $4.5 in the infrastructure plan and that would be another $31,400 for each taxpayer.
As detailed by the Penn Wharton Budget Model — an initiative of the University of Pennsylvania’s Wharton School that examines public policy proposals — extensive deficit spending from large federal programs is deeply harmful to long-term economic growth. The group’s simulation shows that with $1 trillion in deficit spending, output falls by 0.28% over the course of three decades, while debt rises by 2.53%. With $10 trillion in expenditures, output falls by 3.09% and government debt rises by 27.24%.
This reality is explained by the crowding out effect — a phenomenon by which the government’s demand for funds diverts money away from private business investments, which restricts entrepreneurship and innovation over time.

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8 Comments
Susan C. Sapp July 20, 2021
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Lisa July 19, 2021
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if ANYONE thinks that MR. bidens plans DOES NOT increase their taxes, they are living in la la land...you know damn well that the wealthy will hide their money, so where does that leave us? the TAXPAYERS will be on the hook for these plans...IMPEACH BIDEN
Jim July 19, 2021
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The $40,000 the are spending is all future debt to us. So, giving it back to us is merely a loan to us that is being used by politicians for their own benefit. It is up to us to put a stop to this foolishness.  Jim
Sunshine Kid July 19, 2021
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The government only knows how to waste money, not use it.
confusednomore July 19, 2021
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Democrts would NEVER give the American people that much money.  They think we are all blithering idiots incapable of handling that much money.  Only THEY know how to spend OUR money.  They want us poor and destitute and at their mercy for anything they think we deserve, and it will be little to nothing.  Crappy government housing and food stamps that will not allow us to eat what we choose.  THIS is the democrat American dream..  EVERYTHING for them (the bureaucrats and politicians0 nothing for us. Get the torches and pitchforks ready.
angela jackson July 19, 2021
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I don't understand why biden wants to give stimulus to homeowners. They have so many ways to raise cash(refinance, reverse, etc). The renters are the ones that need help. OH I forgot democrats robbing the rich to help the poor. Thanks media for helping them get by with this.