Another Gargantuan Spending Spree
There were several changes made from a proposal put forward nearly two weeks ago by a bipartisan group of lawmakers. Direct stimulus checks were brought in at the last minute. Direct aid to states and liability protections for companies were left out.
If the new bill passes, it will be the second-largest federal stimulus package after the $2 trillion CARES Act
that Congress approved in March.
As far as I can tell, nobody likes or appreciates this. Fiscal hawks (me) thinks it spends too much money that we don’t have. Liberals think it doesn’t go nearly far enough and want to pass something even larger when Biden assumes office. People are laughing at the $600 check because it’s what rich people think poor people think is a lot of money (stole that from somewhere). Businesses dislike the extra unemployment payments because it’s hard to find workers right now.
Sometimes politicians like to glibly say that the fact that nobody is happy is the sign of a compromise bill, but in this case, nobody is happy because it’s a bad bill.
So why pass it?
Follow the money. Look at all of those billions of dollars flowing into the pockets of businesses, schools, unions, welfare programs, etc. Who decides who gets all of that money? How much will flow into the pockets of politically-connected people and interest groups?
This is bad governance designed to allow politicians to pretend that they are good at their jobs. They are not. I hope Trump vetoes this.