{"id":595292,"date":"2021-07-17T17:36:14","date_gmt":"2021-07-17T21:36:14","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=595292"},"modified":"2021-07-17T17:36:16","modified_gmt":"2021-07-17T21:36:16","slug":"with-6-trillion-in-covid-relief-the-government-could-have-given-every-taxpayer-41000","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/with-6-trillion-in-covid-relief-the-government-could-have-given-every-taxpayer-41000\/","title":{"rendered":"With $6 Trillion In COVID Relief, The Government Could Have Given Every Taxpayer $41,000"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwith-6-trillion-in-covid-relief-the-government-could-have-given-every-taxpayer-41000%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=595292&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/check-2.jpg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p><span>The federal government will spend enough in COVID-19 stimulus to give every American taxpayer $41,000.<\/span><\/p>\n<p><span>As COVID-19 and the lockdown-induced recession produced job loss and public health challenges, the federal government approved massive omnibus packages meant to stimulate the economy. Among these were the $2.2 trillion CARES Act, passed in March 2020; the $2.3 trillion HR 133, passed in December 2020; and the $1.9 trillion American Rescue Plan, passed in March 2021.<\/span><\/p>\n<p><span>As the Committee for a Responsible Federal Budget\u2019s COVID <\/span><a href=\"https:\/\/www.covidmoneytracker.org\/\"><span>money tracker<\/span><\/a><span> shows, the federal government will distribute a total of $5.9 trillion through its legislative efforts alone. If these funds were disbursed among America\u2019s 143.3 million <\/span><a href=\"https:\/\/taxfoundation.org\/summary-of-the-latest-federal-income-tax-data-2020-update\/\"><span>taxpayers<\/span><\/a><span>, each would have received roughly $41,000. If the funds were instead divided among every member of the population, every American would have received $18,000.<\/span><\/p>\n<p><span>However, only a fraction of the spending was earmarked for American citizens. As Brad Polumbo of the <\/span><a href=\"https:\/\/fee.org\/articles\/federal-covid-spending-will-cost-41-870-per-taxpayer-did-you-see-that-much-in-benefit\/\"><span>Foundation for Economic Education<\/span><\/a><span> notes:<\/span><\/p>\n<blockquote readability=\"21\">\n<p><i><span>The COVID spending bills have all lost huge sums of money to unrelated carve-outs, politician pet projects, corporate bailouts, fraud, waste, and worse.<\/span><\/i><\/p>\n<p><i><span>In the latest $1.9 trillion package, more than 90 percent of the spending is not directly related to containing COVID-19. Only 1 percent of the money, about $15 to $20 billion, is spent on vaccines. Meanwhile, hundreds of billions go to bailing out poorly managed state governments\u2019 budget holes that predate the pandemic and $86 billion rescues failing pension plans. Meanwhile, billions more go to Obamacare expansion and subsidizing public schools long after the pandemic.&nbsp;<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>Polumbo calculates that \u201conly someone who fully collected expanded unemployment benefits throughout the pandemic and received all $3,200 in total of the stimulus payments\u201d could have received more than $18,000 in benefits.<\/span><\/p>\n<p><span>Applying the same calculation to President Biden\u2019s two most recent legislative proposals \u2014 the $2.7 trillion <\/span><a href=\"https:\/\/www.dailywire.com\/news\/nonpartisan-economists-say-bidens-infrastructure-plan-will-decrease-economic-growth\"><span>American Jobs Plan<\/span><\/a><span> and the $1.8 trillion <\/span><a href=\"https:\/\/www.dailywire.com\/news\/bidens-american-families-plan-is-far-from-a-new-deal-economic-boon\"><span>American Rescue Plan<\/span><\/a><span> \u2014 reveals similar results. If funds were divided among all taxpayers, each would receive $31,400 \u2014 $18,840 from the former bill and $12,560 from the latter.<\/span><\/p>\n<p><span>As detailed by the <\/span><a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/issues\/2021\/6\/28\/explainer-capital-crowd-out-effects-of-government-debt\"><span>Penn Wharton Budget Model<\/span><\/a><span> \u2014 an initiative of the University of Pennsylvania\u2019s Wharton School that examines public policy proposals \u2014 extensive deficit spending from large federal programs is deeply harmful to long-term economic growth. The group\u2019s simulation shows that with $1 trillion in deficit spending, output falls by 0.28% over the course of three decades, while debt rises by 2.53%. With $10 trillion in expenditures, output falls by 3.09% and government debt rises by 27.24%.<\/span><\/p>\n<p><span>This reality is explained by the crowding out effect \u2014 a phenomenon by which the government\u2019s demand for funds diverts money away from private business investments, which restricts entrepreneurship and innovation over time.<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The federal government will spend enough in COVID-19 stimulus to give every American taxpayer $41,000.As COVID-19 and the lockdown-induced recession produced job loss and public health challenges, the federal government &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-595292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/595292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=595292"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/595292\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=595292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=595292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=595292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}