Get Ready for Round Four of Government Bailouts
Article from For Liberty by Norm Leahy.
The federal government is only just beginning to distribute the more than $2 trillion if funds from the third round of government relief and talk on Capitol Hill is about the pressing need for round four.
The estimated price tag? At least $1 trillion. And it’s likely to be another bipartisan spending spree:
Democrats are looking to extend unemployment aid and small-business assistance for additional months, as well as authorize another round of direct checks to taxpayers.
Trump has signaled support for some of the ideas that Democrats back, such as expanded help for small-business owners and new bailout checks for households. Republican leaders, meanwhile, have also called for more corporate aid and money to boost the overwhelmed health-care system.
The differences in these proposals are putting smaller firms and workers at the head of the line, rather than large corporations, which thanks to their aggressive teams of lobbyists, were able to capture more than $500 billion of the most recent relief bill.
All of this has a cost, of course. Goldman Sachs estimates the federal deficit will reach “$3.7 trillion in 2020.”
It’s likely to be even higher. And all of it will eventually have to be repaid.
Image Credit: By Jericho [CC BY 3.0 (http://creativecommons.org/licenses/by/3.0)], via Wikimedia Commons