Biden 'stimulus' will increase national debt, shorten recovery, drive up inflation - Liberty Unyielding

Biden 'stimulus' will increase national debt, shorten recovery, drive up inflation - Liberty Unyielding

"...Passing a stimulus package is like drinking alcohol: It makes you feel better in the short run, but later on it can give you a nasty hangover. 

President Obama’s 2009 stimulus package cut unemployment in the short run, but it actually shrank the economy and increased unemployment in the long run, resulting in slower economic growth. 

As the director of the Congressional Budget Office explained, it had “a net negative effect on the growth of GDP over 10 years.”

...People who lose their jobs due to COVID-19 need unemployment benefits until they can find another job. 

But most Americans are doing just fine. 

Their situation doesn’t justify $1.9 trillion in stimulus spending on things like aid to state governments, or expanded welfare benefits (including for people not financially harmed by the coronavirus). 

Some state governments are flush with cash, and adopting big new spending.

...A growing national debt menaces the economy, because more interest has to be paid on the rising debt. That drives up the cost of government, resulting in increased taxes, increased budget deficits, or both...Read all.