(TheConservativeNews.org) – On Thursday, March 11, President Joe Biden signed a COVID-19 relief bill that will cost the taxpayer $1.9 trillion. One of the most expensive bills in the history of the United States, it managed to pass into law without the support of a single Republican lawmaker.
Steve Bannon Has His Say
It’s attracted fierce criticism from conservative politicians and media figures alike. One of its harshest detractors so far has been Steve Bannon. On Wednesday, Bannon remarked that the bill was “the most…. radical piece of legislation” he’d ever seen while discussing the possible fiscal fallout from the Democrats’ spending program.
Bannon warned that the government would have to issue bonds in order to cover the bill for this legislation and other proposals currently on the table. He suggested the Chinese Communist Party (CCP) would buy up a large proportion of these securities, which means US taxpayers could end up funding their projects.
The Problem With the Spending Bill
Conservatives have criticized the spending bill primarily for its size. It sends a $1,400 stimulus check to most Americans, expands jobless benefits and unemployment insurance, grants $350 billion in subsidies to state and local governments, and provides for a host of other financial grants as well. At $1.9 trillion, it’s going to leave a sizable dent in the coffers of the federal government.
Some have also questioned whether all the proposed spending is really necessary in the context of the pandemic. For example, Democrats wanted to include a provision to increase the federal minimum wage, although this was disallowed under the rules around budget reconciliation.
If Steve Bannon’s analysis is accurate; we could be in for a turbulent time over the next few years, economically speaking. While extravagant spending might yield benefits in the short run, we will have to pay for it eventually.
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