So now the government is going to start dumping the equivalent of 1/10th of the annual GDP into the economy and the good news is that it’s going to be done without a single Republican vote.
Oh, I forgot. You can’t print that kind of money without creating a huge deficit which will set off a terrible inflation and ruin the economy. Even Larry Summers, who was Director of the Economic Council under President Obama, is worried about the deficit.
So how come the Republicans stopped worrying about the deficit? How come when the deficit shot up by nearly 40% under President what’s-his-name (I’ll get to him in a minute) that not a single GOP politician voiced even the slightest bit of concern?
I’ll tell you why. Because Republicans only create deficits in order to cut taxes and we all know that cutting taxes is a good thing because you’re rewarding every hard-working American by putting more money that he earned right back in his pocket to spend.
On the other hand, when you create a budget deficit by giving a handout to the ‘element,’ or the ‘welfare,’ or whatever you want to call all those good-for-nothings who should get off their rear ends and go find a job, you’re creating a deficit that will get out of control and like Sarah Palin says, balancing the federal government’s budget is no different than sitting around the kitchen table and balancing the household budget – it makes good, common sense.
I don’t remember exactly when the Republicans came up with the idea that ‘common sense’ should replace science when it comes to figuring out the proper role of government in everyone’s lives. But the truth is that the ‘common sense’ dictum is just code for rewarding the Whites and punishing the Blacks. After all, ‘they’ could all get jobs if ‘they’ wanted to work.
Which brings me back to what’s-his-name who pretended to be the 45th President until we finally got rid of Hillary Clinton, nominated a serious Presidential candidate, and sent what’s-his-name off to nowhere, which is where he belongs.
Yesterday he sent a press release to the media which was totally pathetic in content and tone. No more screaming about all those RINO’s who he’ll campaign against next year. Now he just wants to be ‘remembered’ for delivering the vaccine in less than five years.
So now Mister Trump, who is just another private citizen so he can be investigated and indicted like anyone else, all of a sudden just wants to be ‘remembered.’ How thoughtful. How heart-warming. How nice. Now let’s get back to reality, okay?
The money in the Covid relief bill, once fully distributed, may reduce the poverty rate to less than 9 percent. When was the last time the poverty rate was less than double digits? Probably when the Pilgrims landed at Plymouth Rock.
The problem, however, is that the poverty rate will begin to go up again next year unless another big relief bill comes through. So, what would be so bad about that? Why shouldn’t we print enough money to give most Americans an extra paycheck even if they don’t do any extra work?
Frankly, I think it would be a great idea and I’m simply not convinced that such a stimulus would have any dire effects on the economy at all. Right now, T-bills are paying slightly more than 2%. You have an unemployment rate that’s 1% above full employment and a Dow Jones that’s at 32,627 and change. No doubt what’s-his-name will try to take credit for that number too.
As long as these numbers stay more or less where they are, why couldn’t we give everyone some extra cash next year and the year after that?
Larry Summers may not believe this, but two plus two really does equal four, not five. I think the government should guarantee everyone more cash to spend, whether they want to work or not.
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