Congress approves $1.9 trillion Coronavirus stimulus package...

 

Joe Biden Vice Presidential photo.

Congress has approved a $1.9 trillion Coronavirus stimulus package, giving Joe Biden a major legislative win. Fox News. The vote barely passed with no Republicans voting for the package and one Democrat voting against it. The bill will send out another round of $1400 checks for singles and $2800 for married couples if they make less than $150,000. Families with children will get an additional $1400 per child. The bill also continues the $300 unemployment checks. Families with children will get a tax allowance that will provide $3600 a year for each child under 6 and $3000 for each child under the age of 17 but older than 6. Republicans did not support the bill due to a massive $350 billion give away to state and local governments. Progressives did support the bill despite the bill removing progressive priorities like a $15 minimum wage and lowering income requirements for the checks. 

My Comment:

I have mixed feelings on this bill. I do think that people needed help after the Coronavirus disaster. The money will help people that have been hurt economically by the virus and could stimulate the economy as people purchase products or pay down debt with this money. It will also help people who are unemployed.

But I have major problems with all the pork this bill has. I don't think state and local governments deserved one thin dime. Those states are a basket case and do not deserve government money. It seems very likely that this is just a wealth transfer from better run red states to pay for blue cities and states. This money will be completely wasted on garbage leftist priorities. 

More concerning is the fact that this massive increase in money will cause inflation. Putting massive amounts of money into the system will cause the dollar to be worth less, possibly erasing any economic gains. I know the previous bills did not cause inflation but I am not sure if that will be the case in the future. 

Despite my misgivings I will obviously be taking the money. I don't need the money at all, 2020 was very good for my finances, but I am not going to turn it down. My taxes paid for these payments so I might as well get some of my money back. And I am sure I can find something to spend this money on.

This probably counts as a victory for Joe Biden. Though congress passed the bill the president tends to get credit for major legislation like this. Given how senile Biden has become any victory for him is a needed one. 

I think this was a major defeat for the progressive wing of the Democratic Party. They didn't get much of what they wanted other than big paychecks for people. They failed to get their minimum wage increase, which never made sense in the first place in a relief bill, and they failed on making sure only poor people got the checks. They failed despite the party promising those things. 

I do hope that this is the last round of Coronavirus stimulus packages. The virus is pretty clearly on the way out and with many people getting vaccinated I can't imagine it sticking around past this spring. Whatever economic damage remains will because blue states are too afraid to open up. I don't think we will need any more stimulus payments after this one...