Today, July 31, 2020, most aspects of the CARES Act will expire which include that $600 taxpayer funded income millions of Americans are having dropped into their banks accounts each week. As these benefits expire, the White House is showing that it is more concerned with keeping the money flowing into the hands of Americans than liability protections for businesses. Trump still wants liability protections for business; however, suddenly this morning seems unwilling for that to be a stumbling block for getting another round of spending in place before Congress goes into a month-long recess on August 7, 2020.
We could find no official comment from the Joe Biden campaign regarding the latest second round of negotiations.
Dr. Jo Jorgensen, Libertarian for president, released the following statement, warning of the danger of another massive COVID-19 bailout bill being negotiated in Congress:
I’d advise you to hold on to your wallet, but it won’t do you any good so long as Democrats and Republicans remain in power. To fund their bailout bills, the Federal Reserve is printing trillions of dollars out of thin air, which will tap your wallet, whether you hang on to it or not.
Democrats want to spend another $3 trillion for so-called economic stimulus. Donald Trump wants to spend another $2 trillion. Joe Biden wants to spend $2 trillion just on green energy.
We may soon see another $2 trillion spending package signed into law.
That’s in addition to the $3 trillion that Democrats and Republicans spent on the C.A.R.E.S. Act and other stimulus bills just in the last four months.
And that’s on top of the $1 trillion deficit they created by spending far more than they took in for this year’s budget.
That comes to at least $6 trillion in new debt in less than a year. To put this in perspective, $6 trillion buys half of all the gold in the world, even at today’s high price per ounce.
Where do Democrats and Republicans get the money to pay for this?
They can’t borrow it, because the Federal Reserve has kept interest rates artificially low. At these low rates, they can’t find enough buyers of Treasury bills to fund the debt.
Instead, the Federal Reserve buys T-bills from the government by printing trillions of dollars out of thin air. Poof!
Why should counterfeiters bother to print fake bills that might be worth a few thousand dollars when they can work for the Federal Reserve?
But won’t someone have to pay for all this, you may ask? Yes — you!
Politicians will take your wealth in the form of inflation. Prices will rise, making your dollars worth less.
How much will they bleed from your wallet when this bill comes due? Six trillion dollars in new debt amounts to an average of $36,689 in new debt for every working American (including those who are seeking work).
That is to say, politicians’ reckless new spending this year alone will likely cost you, on average, $36,689 in inflation, along with other forms of loss, which include future tax increases, lower wages, cuts in government benefits, or a combination thereof.
What will you get for your $36,689 loss? That depends on who you are.
If you’re a “too big to fail” corporation, K Street lobbyists have your back. You’ll probably see billions.
If you’re fortunate enough to own stock in those giant corporations, you’re seeing a stock market rise, thanks to the Fed. If you’re in the richest ten percent, which own 81 percent of stocks, you just saw your net worth increase an average of $220,000 since the stock market bottomed out in March.
If you’re a small business, you may get a loan. But for many, it won’t be enough. The Partnership for New York City estimates that one-third of all the employers in that city will be closing their doors because of the pandemic shutdown. It’s not much better elsewhere.
And if you’re an average American worker, for your $36,689 loss, you might get back another $1,200 stimulus check and a few more weeks of unemployment benefits.
Sound like a good deal to you?
Under a Jorgensen administration, none of this would have happened.
Instead of quashing coronavirus testing early on, I would have enabled rapid, widespread testing by lifting all related FDA restrictions. With knowledge of who has the virus, those who were infection-free would have likely returned to work months ago.
The economy would be in far better shape; many jobs and businesses would be saved; and there would be no justification for massive government bailouts.
How do we get out of the mess that the Democrats and Republicans have created?
First, deregulate. We can take pressure off struggling businesses by relieving them of burdensome government regulations that waste their time and deplete their profits.
As president, I will go way beyond the deregulation we’ve seen under President Trump, which still leaves many businesses bogged down in miles of red tape. In many cases, it’s easier to put up a shingle in communist China than in the United States. That will end under my administration.
By making it easy to do business in our country, we can compete successfully in a worldwide marketplace. More jobs will result.
Second, cut taxes.
I will work to end the federal income tax, and with it, the IRS. If you’re an average American family, you’ll get back over $12,000 that you now pay in federal income taxes every year. When you’re allowed to keep the money you earn, your spending and savings will stimulate economic growth well beyond anything Congress can do.
Last, stop government overspending.
We must dramatically cut federal spending and resist all temptations for phony stimulus bills that cost most people much more than they will ever get back.
As president, I will cut total spending dramatically. I’ll bring our troops home and cut unneeded spending in the military budget, as well as every other area of the federal government.
Appropriations bills that fail to substantially reduce government spending, or that add a dime to the national debt, will be met with my veto pen.
And I will demand a full audit of the Federal Reserve, so every taxpayer can see the damage it’s doing to your dollars.
By forcing politicians to be financially responsible, we’ll put buying power back in your wallet — where it belongs.