Posted on 03/12/2021 9:09:40 AM PST by Olog-hai
US President Joe Biden on Thursday signed into law a $1.9 trillion (€1.6 trillion) coronavirus relief package bill, following its approval by Congress. One of the largest US federal aid packages since the Great Depression in the 1920s, the bill includes, among other things, funds earmarked to help schools reopen, to speed along vaccine production and distribution, and to help struggling state and local governments. It also provides $400 billion in direct payments of $1,400 each to most Americans and extra provisions for low-income families, including adjustments to a child tax credit that increases it from $2,000 to as much as $3,600 per child per year.
Opponents of the package, which included all Republican members of Congress, accused the bill of being a Trojan Horse used by Democrats to usher in partisan priorities under the guise of pandemic relief.
But Republican lawmakers haven’t been the only ones to raise concerns. The sheer magnitude of the fund has prompted lively discussions within economic and political circles about whether it is too large for its own good, and whether inflation is now in the cards.
“I agree that too much is better than too little and we should aim for some overheating. The question is how much,” economist and former chief economist for the International Monetary Fund Olivier Blanchard wrote on Twitter in February, responding to the proposed bill. “Much too much is both possible and harmful. I think this package is too much.”
“This would not be overheating; it would be starting a fire,” he wrote. …
(Excerpt) Read more at dw.com ...
This is Nancy Dream of giving away money makes a Great Economy
It’s the Mother Of All Boondoggles
Yes
Most of the money goes right into a Democrat’s Pocket , no middle man
This child credit is not a one-time shot. It just keeps on keeping on. Hugh Hewitt thinks this is the greatest thing since sliced bread, and people should use it to send their kids to private school. Sure. That's where it is going to go.
I just learned, ten minutes ago, that my County in Arizona will be receiving a total of $40M dollars over the next two years. It’s insanity but all the politicians are salivating. I just shake my head. We’ll use it and it will be used well, but this entire mess will come back and haunt us beyond our WILDEST imagination.
The short winded answer is ‘No’. The medium winded answer is ‘No Way’.
The long term answer is ‘No’.
Consider where this money comes from - a printing press, controlled by London Bankers, among others. There is infinity money there.
The $1.9T stimulus could have been $119T, no diff really. Actually, I saw a breitbart article yesterday quoting Bidan referring to the $2.9T bill... that there’s just funny.
The monetary system will collapse, whether the good guys win or the bad guys win. With the bad guys, we’re headed to the Great Reset, where eventually private property goes poof for us pawns (if we are allowed to live).
With the good guys, the monetary system collapses as well, and is replaced by QFS, a precious-metal backed system.
I’m very foggy on how it comes to be, and while I expect this all, I’m on the edge of my seat to see its logistics.
To qualm things, I’ve heard that most of the Central Banking money in existence today converts over one-to-one into the new QFS.
No details emerging, but I’ve heard rumblings that the FED going down for a day about two weeks ago is tied into this earth-shattering transition.
According to the Labor Department CPI-W, the index used for Social Security COLAs, rose by more than 1% in Jan-Feb. That is an
annual rate of nearly 7%. That is what happens when you print money with no economic growth to back it up. That kind of inflation will more than eat up the stimulus checks of most people. And its effects impact every year in perpetuity.
Welcome back to the 70s-high inflation, high gas prices, high food prices, but with lousy music.
Does a bear sh*t in the woods?
And that's the key: economic growth.
We might get off this time without inflation because the economy is set to skyrocket. 10% growth this quarter looks possible.
The Democrats haven't done anything yet to dent that growth. But at the first signs that they want to rescind Trump's tax cuts the trouble will start.
They will rescind the tax cuts. Their plan appears to be to reverse anything and everything that Trump did (much as Trump did for Obama policies) with little thought to what is good and what is not. It is most obvious on the border right now, but the trainwrecks will continue.
I don’t think most democrats understand inflation or even basic economics. The few that do likely do not care. This bill (much like Obama’s stimulus) was to pay back their friends and allies because that is how they roll.
Yes.
Jimmie Carter 2. Just wait till interest rates hit 21%.
A question - how did the US and rest of the world find out about and develop the QFS?
Naw, all government money is free.
Inflation is already here. Fuel prices are up, housing prices are skyrocketing. New RV’s and automobiles once sold at a discount are selling for near list price.
Go to the grocery store. Food processors are in another round of reducing package sizes while increasing prices of the packages with less content. Costco just reduced the number of rolls of paper towels in its paper towel package without reducing price. Most cuts of steak are over $10.00 per pound. Ice cream cartons are now measured in liters to hide the fact they are no longer a 1/2 gallon container. The 64 ounce containers of orange juice in the store are now 52 ounces. I’m seeing prices in grocery stores jumping weekly.
Local taxes are going up. The sales tax in my area is up 1/2 cent so the county can build a new courthouse it doesn’t need, and move the “Children’s Museum” from the land it was given in a suburban location to a new downtown location so more underprivileged children can have access. Property revaluations jumped considerably last fall when the county did a reassessment. Now the county managers are voting an increase of at least 2 cents in the tax rate for the fiscal year beginning July 1. This is after having a surplus last year which they then spent over a million dollars of passing out to liberal non-profit organizations.
Don’t even start on medical care costs. A year ago a 15 minute office visit to one of my specialists was $175.00. This year a 15 minute televideo meeting with the same specialist is $225.00.
Lumber prices — out the roof. I saw a stack of 8 foot 2x4’s at Home Depot yesterday for $5.99 each!
Utility costs here - natural gas, water, and electricity are also on the move. Utility companies are adding “administrative fees” now to the bills which were once included in the rates.
The latest federal government inflation report (February) says prices are rising at a 1.7% annual rate (last 12 months). ShadowStats, which bases its numbers off 1980 methodology, thereby eliminating the accounting gimmicks and assumption changes government has used over the past 40 years to suppress the inflation rate, report a 9.4% annual inflation rate for the same period. Based on my personal consumption of food, gasoline, utilities, and household supplies I’d say ShadowStats has a much more realistic calculation of the true inflation rate today. It would not surprise me if a year from now the true inflation rate is over 20% given all the money being printed and given away by the federal government in collaboration with the Federal Reserve.
Here’s a link to ShadowStats: http://www.shadowstats.com
Take a look. Most government statistics today are lies — inflation rate, unemployment rate, trade deficit.
Agreed. Free to the Oligarchs in London, mainly. Need more money? at the highest levels, just a phone call.
But, very costly in sweat and tears and blood to us peons.
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