Part of the fight over the $1.9 trillion “stimulus” package recently passed by President Biden and his allies in Congress was whether we could really afford nearly $2 trillion more in spending amid skyrocketing debt and already having spent record-levels of money ostensibly on ‘COVID’ relief. But according to a recent report, the latest legislation could prove even more expensive than we thought.
Article by Brad Polumbo from FEE.
The $1.9 trillion estimate assumes that various tax credit programs will be allowed to expire. However, a report by American Enterprise Institute economist Alex Brill concludes that this is highly unlikely—and that if they’re eventually renewed, the bill’s cost could nearly double.
“Expansions of the child tax credit (CTC), earned income tax credit (EITC), and the child and dependent care credit would be enacted for just a single year under the guise of promoting economic security during the pandemic,” Brill explains. “However, the Wall Street Journal recently reported on Democrats’ desire to make permanent the CTC expansion. In addition, the House passed a permanent version of their expansion of the child and dependent care credit last year, and it is unfathomable to imagine Congress letting the one-year EITC expansion lapse post-2021.”
✔️ Boost your immune system with Nutraceutical by Dr. Zev Zelenko
✔️ Beat supply chain issues and future pharmaceutical tyranny with 5 Antibiotics Delivered to Your Home
✔️ Be ready to help yourself and your family with the World’s Best Med Kit
The benefits related to children would alone raise the total cost by roughly 75 percent from $1.9 trillion to $3.3 trillion over 10 years. https://t.co/hpJXa3AvMy
— AEI (@AEI) March 5, 2021
Unfortunately, it is indeed unfathomable that Congress would allow these programs to fully lapse. There will be a strong political constituency for continuing the spending and because the costs are disparate, far less of one clamoring for them to be allowed to expire.
Hence, as Milton Friedman famously put it, “Nothing is so permanent as a temporary government program.”
So, we have to do the math on what it will mean if these expenditures are ultimately furthered. And Brill estimates that expanding these portions of the bill would increase its total cost by 75 percent, for an ultimate price tag of $3.3 trillion. That astounding figure comes out to roughly $23,028 per federal taxpayer.
That’s a lot more money—and more fundamentally and importantly, a lot more actual resources transferred from private ownership to government control.
WATCH: Economist on the COVID Debt Crisis
We Often Feel Like David Taking on Giants
Today’s Goliath is the Mainstream Media Industrial Complex that brainwashes the masses.
Our mission is very straightforward: To counter the false narratives and nefarious agendas destroying America today. It isn’t easy for obvious reasons; despite incredible growth over the last year we are still a very tiny fish in a huge media pond. But we’re fighting and we will continue to do so, Lord willing, for as long as we possibly can. The battle for America’s present and future is too important for us to back down to the giants that stand in our way.
We need help. I don’t want to say “desperately,” but the need is definitely great. If you have the means, please donate through our GivingFuel page, PayPal, or our Substack page. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!
JD Rucker
All ORIGINAL content on this site is © 2021 NOQ Report. All REPUBLISHED content has received direct or implied permission for reproduction.
With that said, our content may be reproduced and distributed as long as it has a link to the original source and the author is credited prominently. We don’t mind you using our content as long as you help out by giving us credit with a prominent link. If you feel like giving us a tip for the content, we will not object!
JD Rucker – EIC
@jdrucker