|Unleash Prosperity Hotline|
|1) The Greatest Financial Swindle in American History|
We are hard-pressed to identify a single redeeming feature in the 600-page “stimulus” bill that has now passed the Senate and House on a strict party-line vote.
You’ve got to hand it to AOC and Bernie. These nutcases actually pulled it off!
Some of our friends point to the dollars for vaccine distribution. We don’t object to that, though if we simply let the private sector handle the vaccine program, odds are it would happen faster. The other $1.7 trillion is negative for the economy and jobs. There is NOTHING in this bill that stimulates the supply side of the economy – I.e., the production of goods and services.
Only one Republican amendment passed. It was an amendment by Rob Portman to shrink the $400 unemployment bonus to $300 a week. We’re glad somebody has been reading our work. We estimate this change will reduce the employment losses from 6 to 4 million. Unfortunately, the Democrats also voted to make UI benefits nontaxable giving welfare an advantage over work.
An amendment by Todd Young to remove the 15 weeks of paid leave for federal employees who want to take time off to oversee virtual schooling failed on a party-line vote. That means every Senate Democrat supports up to $21,000 of paid leave for federal bureaucrats.
Most amazing to us is that after the expensive failure of the Obama $830 billion stimulus – The infamous “shovel-ready projects” canard- Democrats have doubled down – actually nearly tripled down. Their preposterous argument that Obama’s policies failed only because he didn’t spend enough, flies in the face of what the Dems all promised 12 years ago which is that we would have 4 percent growth for as far as the eye could see. They never came close and as the chart below shows, the “stimulus” was a giant jobs loser.
Thankfully the economy is prepped for a big recovery in the months ahead due to Trump and the vaccines and the end of the left’s economic lockdowns. Biden will no doubt take credit for the spring back to life. But debts and bills have to be paid, and we expect after the drinking binge is over America will suffer one helluva hangover.
Wait until you see the $1 trillion tax hike coming to pay for the binge.
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