Excerpt provided by the Committee to Unleash Prosperity. Sign up to receive a free subscription to the full weekday Unleash Prosperity Hotline newsletter by clicking here: https://committeetounleashprosperity.com/hotline/
We keep hearing from Nancy Pelosi and the White House that it is “urgent” and an “emergency,” that Congress pass another $1.9 trillion spending bill. Right now, there isn’t a moment to lose. Do not pass go. Schools, police departments, hospitals, orphanages are running out of money.
But how urgent can this new package be when the House Budget Committee Republicans have discovered that the feds still haven’t spent at least $1 trillion of the money from the five previous COVID relief bills last year with a price tag of $3.7 trillion.
Unspent Previously Enacted Stimulus Funding
As scored by the Congressional Budget Office, the total cost of stimulus laws enacted over the last year amounts to $3.7 trillion. More than $1 trillion of available budgetary resources remain to be spent. Notable examples of remaining funds include:
- SBA’s Paycheck Protection Program: $280 billion
- Health Spending: $239 billion
- Economic Injury Disaster Loans: $172 billion
- Unemployment Insurance Expansion: $172 billion
- Education Funding: $59 billion
- State and Local Aid: $58 billion
- Stimulus Checks: $52 billion
- Food Stamps: $33 billion
- Child Care and Development Block Grant: $10 billion
- Agriculture: $29 billion
Source: House Budget Committee, 2021.
The federal government apparently can’t spend coronavirus relief dollars fast enough to keep up with the pace that Congress is passing ever-larger multi-trillion-dollar budget busters.
We guess the $3.7 trillion of COVID money from Phase 1, 2, 3, 3.5, and 4 isn’t any more “shovel ready” than the Obama fake stimulus bill.
Biden Reimposes Aluminum Tariff Lifted by Trump
We were told trade would be the one policy area in which Biden would be substantially more pro-growth than Trump — but this is an early indicator to the contrary. On his second to last day in office, Trump finally ordered the end of his aluminum tariffs effective February 3. But the tariffs are still in place today because Biden quietly reimposed them on Monday.
It reminds us of the Who song: meet the new boss, same as the old boss.
To find out …
- How COVID is in retreat
- Why the U.S. was downgraded to “flawed democracy”
- Why Biden lurched left
- And more…
click here: https://committeetounleashprosperity.com/hotline