Posted on 03/11/2022 5:43:54 AM PST by Oldeconomybuyer
WASHINGTON (AP) — It’s not often that a president gets everything he asks for, but that’s what happened.
President Joe Biden wanted $1.9 trillion to help the country climb out of the coronavirus crisis last year, and Democrats in Congress delivered.
The American Rescue Plan was stuffed with rental assistance, tax rebates, direct payments and money to distribute vaccines that had just become available. Less than two months after Biden took office, it was a hopeful sign that he could fulfill his campaign promise.
But the legislation’s legacy is more complicated than it originally appeared. Depending on who’s telling the story, it’s either Biden’s first success or a trap that he set for himself.
It may well prove to have been a bit of both.
A fraction of the bill’s spending was devoted to directly combating the pandemic, including purchasing shots and treatments, supporting testing and vaccination sites, and treating those infected with the virus that has killed more than 959,000 in the U.S.
The rest was intended to backstop state and local governments, ease the pain of job losses and pump money into American pocketbooks.
Critics say the latter set of policies has driven up prices by fueling consumer demand at a time when supply chains couldn’t keep up, sapping momentum from Democratic efforts to enact generational changes such as expanded education programs, subsidized child care and financial incentives for fighting climate change.
“The gamble was it would create a success that would make people want to do more,” said Jason Furman, a Harvard professor and former top economic adviser to President Barack Obama. “But it contributed to inflation that made people want to do less.”
“In some ways, that’s the biggest consequence,” he added. “It was a gamble, and they lost that gamble, and it hurt.”
(Excerpt) Read more at apnews.com ...
What a crock of shiite. “A fraction of the bill’s spending was devoted to directly combating the pandemic” the rest was the typical sop to political allies in the states with the pandemic as its excuse.
And one day the nation will completely collapse from all of this irresponsible spending. Some victory.
Rampant inflation is a ‘victory’?.....................
Although even Massachusetts is admitting this number might be a tad bit overblown.
I have a very good friend who recently died from a Covid caused illness in the DC metropolitan area. Because these handouts made it so lucrative to practice COVID bureaucracy, they stopped practicing medicine and he died from failure to treat his non-Covid condition.
If you are first in line for the new money, yes!
The parasite will kill the host.
I think we are watching the death in not very slow motion.
A little like bankruptcy. It goes slow for awhile then suddenly at the end.
I don’t think there is a single institution that is trustworthy or honest. If not careless about money, careless about truth, careless and selective with the so-called “rule” of law. Collapse all around, and still people will somehow get by. We’ll eventually figure out that the institutions are not indispensible.
As your creditors and suppliers start to doubt the credibility of the soundness of your financial situation your ability to sustain it decreases and voila all of a sudden your credit is frozen and you are dead.
We are at that point where it has gotten to the point that it is presumed anything stated by an agency or the MSM is a lie. If it were true why would they say it. The bankrupt send is last $1000 to an offshore account, not to his creditors.
send is = sends his
With China and other countries buying our debt this won’t turn out well.
Instead of our worthless paper money they will want our assets. Oil, real estate, food, factories, you name it. We will be owned.
Here’s a consequence that must be rippling across the country:
Our church used to get calls asking, “Can you help with my rent? We are $300 short because our car needed fixing.”
We’d vet them and maybe say, “OK, we can help w/ that”.
Now we get calls saying, “Can you help with my rent?”
“Why? What happened?”
“We stayed in the house and weren’t allowed to be evicted and the landlord was getting some reimbursement from the gov’t; but that ended in September.”
“So how much are you behind?”
“$2500.”
“Sorry, that’s way over our head; we’re just a little church.”
I’ll bet that’s getting to be quite widespread. Churches like to help when they can; but the gov’t has it all ballocks.
Mixed?
To the dolts at the AP, that means that 99 folks said the plan is a bunch of crap, one said it was doing well.
Journalism. When you were rejected as a studies major.
Associated Press, go figure .
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