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Biden’s Bailout: Everything You Need to Know about the Disastrous $1.9 Trillion COVID Relief Bill


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It’s official: Joe Biden has just signed the $1.9 trillion COVID relief bill into law.

But will it really help the average American?

In this article, we’ll break down everything you need to know about this disastrous bill.

First things first, the bill will cost $17,000 per person and $69,000 per family.

Yet… if you’re lucky enough to get the full amount of the stimulus check, you will only receive $1,400.

We don’t know about you, but that does NOT sound like a fair deal to us.

According to the Washington Examiner:

The combined $6 trillion price tag on the COVID-19 stimulus packages OK’d by Congress, including Wednesday’s $1.9 trillion Biden bill, will cost taxpayers the equivalent of $17,000 each, or $69,000 per family, according to a new analysis.

What’s more, the new package set for House approval on Wednesday sets aside billions of dollars for non-COVID-19 relief and adds to the nearly $1 trillion in unspent money approved in earlier coronavirus bills.

House Minority Leader Rep. Kevin McCarthy, in urging the defeat of the so-called “Christmas tree” package, said on the House floor: “This is the reality of the bill before us today: It showers money on special interests but spends less than 9% on actually defeating the virus. But it gives San Francisco $600 million, essentially wiping out 92% of their budget deficit.”

In other words, each American family essentially owes $69,000 to the American government in the form of taxes for this stimulus bill.

And how much will American families be stimulated?

$1,400 per tax payer.

Talk about a terrible investment!

So why is the COVID relief bill so expensive?

Well… not everything in this bill is related to COVID.

Surprise, surprise.

An estimated $600 MILLION will be sent to San Francisco to bailout the city’s budget deficit for this year.

According to the San Francisco Chronicle:

The federal stimulus package likely to be signed by President Biden this week will erase the majority of San Francisco’s projected $650 million budget deficit over the next two years, saving City Hall from having to make painful service cuts and layoffs — for now.

While the federal stimulus is a boon for the economy in the short term, it will not solve all of the city’s financial woes. San Francisco’s ultimate recovery heavily depends on how quickly parts of the local economy bounce back, from tourists visiting the city to employees returning to downtown offices.

In other words, this COVID relief bill appears to be a bailout for blue states and blue cities.

You know… the cities that have shut themselves down and brought economic collapse upon themselves.

Kevin McCarthy spoke on the House floor, revealing the wasting spending in this bill.

Here’s what he had to say:

The COVID bill is supposed to be a relief for Americans, right?

So why is $4 BILLION being sent to Central America?

According to Breitbart:

President Joe Biden’s deputies say he is trying to repair Central America’s migration-crippled economies with $4 billion in financial aid for the next four years.

But “The $4 billion is a fig leaf to conceal the fact that the real policy is to allow everyone to come in,” responded Jessica Vaughan, the policy director at the Center for Immigration Studies. The aid “is a prop to give the public the impression that they are dealing with the problem,” even though they continued to extract valuable young migrants from Central America for use in the U.S. economy, she said.

A question for President Biden: if this bill is supposed to help Americans, then why are you giving it away to foreign nations?

Oh…

And guess what…

This “relief” bill has $60 BILLION worth of TAX HIKES hidden inside of it!

Riddle us this: how are tax hikes relief?

According to Politico:

Democrats are getting an early start on their tax-increase agenda.

They’ve tucked a trio of little-noticed tax hikes on the wealthy and big corporations into their coronavirus relief package that together are worth $60 billion.

One takes away deductions for publicly traded companies that pay top employees more than $1 million. Another provision cracks down on how multinational corporations do their taxes. A third targets how owners of unincorporated businesses account for their losses.

It’s surprising because Democrats were widely expected to put off their tax-increase plans until later. Many lawmakers are wary of hiking them now, when the economy is still struggling with the coronavirus pandemic. If anything, when it came to their stimulus plan, Democrats were focused on cutting taxes, not increasing them.

But they ran into problems complying with the stringent budget rules surrounding so-called reconciliation measures like the coronavirus legislation — especially after some wanted to add provisions like one waiving taxes on unemployment benefits.

If Democrats exceeded their $1.9 trillion budget cap for the plan, they would lose the procedural protections that were used to shield the entire measure from a Republican filibuster in the Senate.

The tax increases Democrats picked to help keep their plan’s cost in check had the political benefit of being arcane. Unlike things like raising the corporate tax rate or upping the top marginal tax rate on the rich, the ones they chose won’t produce many headlines.

They also fit Democrats’ themes of fighting inequality by forcing the well-to-do to pay more.

Since the provisions were added late in the legislative process, lobbyists didn’t have much time to rouse opposition to the plans.

“Everybody was caught by surprise,” said a former Democratic aide. “They picked obscure items — things that were not on the radar.”

For some reason… we have a funny feeling that the mainstream news networks will AVOID covering these tax hikes!

BOOKMARK IT: Check Out My New Site, NoahReport.com!

If we were to cover everything in this COVID relief bill, this blog post would go on and on…

But here’s everything you need to know: Biden has reversed all of Trump’s policies.

Instead of America First, it is now America Last.

And this COVID “relief” bill proves it.



 

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