Adding Trillions to the USA’s National Debt, this relief bill will be paid for with borrowed money.
Joe Biden plans to spend this money on the fight against the Chinese Virus saying:
“We have no time to waste when it comes to getting this virus under control and building our economy back better,” he announced in a statement. In his address to the nation on Thursday evening, he said that immediate action will prevent long term economic damage, adding that “the benefits will far surpass the costs.”
Biden said that the plan would mitigate long term economic effects of the covid 19 virus.
The “American Rescue Plan” includes $1,400 stimulus payment checks that will be added on top of the $600 checks that were issued under the last stimulus. This amounts to some $1 trillion in direct relief. Biden said the $600 provided per person so far is “not enough.” Epoch Times Reported.
“If we don’t act now there will be a wave of evictions and foreclosures,” Biden said. “This will provide more than 25 million Americans greater stability instead of living on the edge every single month.”
Both democrat leaders of the House and Senate said they would pass the resolution quickly.
“After Congress passed the most recent emergency COVID relief bill in December, Democrats were clear that much more needed to be done,” they said in a statement. “We are pleased the Biden-Harris package includes much of what Congressional Democrats have been fighting for, including an increase in direct payments to $2,000 for American families, support for vaccine distribution and testing, additional aid to small businesses, funding to safeguard state and local jobs, extension of unemployment benefits, help for renters and children in poor and middle-class families and more.”
“The very health of our nation is at stake,” Biden said in his address.
What Democrats don’t seem to understand is that massive spending plans such as these only plunge the state into further debt and burden the GDP with higher interest payments. This has a knock on effect for futer spending plans, that Democtrats say they will implement.
The amount of money needed for their plans will likely devistate the US economy in the long term.