Biden’s First Act is Economic Insanity
Everyone wishes success to our incoming President. Unlike the crowd that hated Trump, Republicans will not be sitting with their voodoo dolls sticking pins into them in hopes of Biden falling on his face. As much as I would like to applaud Biden’s $1.9 Trillion stimulus plan, it would be an act of economic insanity to do such. Let me explain why.
First and foremost, Congress just passed a $900 billion bill to stimulate the economy. Virtually none of that has been spent. Some people have received stimulus checks, but the vast majority of the law is still being dissected. Why would we commit an extensive amount of new funds when we have not even spent the recently approved funds? It is unclear that all the monies were spent from the Cares Act in March 2020. The answer is this is not really economic relief. This is a Democrat hodgepodge of a wish list along with union mollification. That is not for reasons of economics.
One would also expect that Biden’s economic team would have a handle on what is going on in our economy. The facts are common knowledge; they do not need to get transition briefings from the Trump team. Americans made $1 trillion more in the… Read More