Where is all this money coming from?
That is the question you will be asking after President-Elect Joe Biden unveils his spending package proposal to “to combat the coronavirus pandemic and its effects on the economy, with an initial focus on large-scale expansions of the nation’s vaccination program and virus testing capacity.”
According to The New York Times, Biden, a racist who worked with pro-segregationists and sympathized with a former head of the Ku Klux Klan, will release his $1.9 trillion plan.
But this is expected to be just one package. Reports indicate that another one will be released later this year.
That said, round one of Biden’s proposal will propose $1,400 in stimulus checks, up from the $600 direct income payments approved by Congress last month. It will also reportedly come with supplemental federal unemployment benefits and more aid for renters, small businesses, and local and state governments.
Financial markets did not explode on the leaks. But perhaps they are waiting for confirmation from the horse’s mouth, especially after CNN reported some fake news on Wednesday night.
Still, nearly $2 trillion is money that Washington does not have, resorting to deficit and debt monetization by the Federal Reserve.
Leave a Comment