Last week, President Biden signed coronavirus stimulus bill 3.0.
For those keeping score at home, that brings total stimulus spending approved during the pandemic to $5 trillion.
The House passed the so-called American Rescue Plan pretty much along party lines. In fact, not one Republican voted for the bill. They said it was too porky. Keep in mind, Mitch McConnell helped push stimulus 2.0 across the finish line with plenty of Republican support and copious amounts of bacon. Apparently, only Republican pork is acceptable to the GOP. But I digress.
The bottom line is you’re going to get your $1,400 check and America is stimulated.
Interesting fact, the direct payments to Americans only account for about $400 billion of the $1.9 trillion spending deal.
So, who gets the other $1.5 trillion? If you want a quick and dirty rundown, you can check it out HERE.
But now for the real question: who is going to pay for all this??
Nobody. It’s free.
OK, we all know that’s not really true. But that’s how most people treat government spending.
So let’s play multiple choice. Who’s going to pay?
A. The government
B. The “rich”
D. You and me
The correct answer is D – as in all of us.
What I’m getting at here is you should probably enjoy your $1,400 checks while you can because at some point Ol’ Joe and his Democratic Party minions in Congress are going to come with their hands out demanding tax increases.
Of course, there is no way to tax away this debt. So spend that $1,400 now because it’s not going to be worth a whole lot once the inflation tax hits.
Stimulus sounds good. It’s politically popular. But it doesn’t really stimulate the economy. It poisons it and leaves us all with a big bill.
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