The United States’ current national debt is approaching $30 TRILLION dollars. This is a number that is inconceivable for nearly every single American.
Despite the spiraling out-of-control debt crisis we face as a nation, many still think it is actually a good idea to simply print more money. This has even morphed into support for Joe Biden’s $6 trillion dollar spending initiative.
Part of this spending initiative includes give-aways for families with children.
According to Zero Hedge:
In the latest evolution of creeping Universal Basic Income, Biden administration officials said on Monday that a poverty-fighting measure included in the COVID-19 relief bill passed this year will deliver monthly payments to households including 88% of children in the United States, starting in July. The Democratic-backed American Rescue Plan, signed into law by President Joe Biden in March as a response to the coronavirus pandemic, expanded a tax credit available to most parents.
Treasury and the IRS also announced the increased CTC payments, will be made on the 15th of each month allowing families who receive the credit by direct deposit to plan their budgets around receipt of the benefit. Eligible families will receive a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 and above.
Eligible recipients will get up to $3,000 per child between 6 and 17, or $3,600 for each child under the age of 6, in 2021, subject to income restrictions. The benefit will reach 39 million households, many automatically and by direct deposit every month, starting on July 15. It is one of several measures the administration says could lift more than 5 million children out of poverty, half of the total number of U.S. youngsters in that situation, according to Reuters.
The democrats and liberals alike have been obsessed with the idea of a universal basic income for quite some time now. They are using the manufactured COVID crisis as a means to push this agenda item.
Rather than open up the economy completely, get our children back to school in person, and cut the COVID assistance; they are doubling down on their spending initiatives. By slow-walking the re-opining of the economy and pushing for these cash infusion payments they are effectively stifling the recovery.
Not to be outdone by the ridiculous Biden spending plan outlined above, so-called Republican Mitt Romney has an idea to print even more money to be distributed in his own universal basic income scam.
The Blaze reports:
Under current policies, the Child Tax Credit and the Earned Income Tax Credit cost the federal government $188 billion. Under Romney’s proposal, that spending would increase to $254 billion.
To offset the additional spending, Romney proposes eliminating the Head-of-Household tax filing status, eliminating the Child and Dependent Care tax credit, abolishing Temporary Assistance to Needy Families benefits, and repealing the State and Local Tax deduction in the tax code. These programs, Romney’s office said, are duplicative and redundant and families will receive more benefits from a flat check than from tax loopholes they may lose access to if their income goes up.
While Democrats generally support expanding welfare programs and government payments to families, they are not likely to support Romney’s plan because of the provisions eliminating tax credits they favor.
As part of the $1.9 trillion coronavirus relief package proposed by President Joe Biden, Democrats want to boost the child tax credit from $2,000 to $3,600 and make it “fully refundable,” ensuring that parents who don’t owe taxes still receive a payment from the government. The Democrats also want the Internal Revenue Service distribute the child tax credit refunds in advance every month, essentially creating a monthly government payment to families distributed by the IRS by manipulating the tax code.
Romney’s proposal differs in that the Social Security Administration would distribute the payments, and the law would recognize these payments for what they are: Welfare checks for families, rather than tax loopholes. His plan also would provide $4,200 for families with young children, rather than $3,600. And where Biden’s proposal is deficit-financed, the offsets supported by Romney would pay for his plan through 2025.
The Family Security Act is endorsed by the Niskanen Center, as well as the Universal Income Project and UBI Center.
The establishment Republicans are clearly trying to beat the Biden administration at their own game here. They are in a battle of who will print more money to distribute to the “have not” class. By broadening this dependent class they believe they can stay in power for the foreseeable future.
Our President Donald Trump proved that it is possible to take the Dems to task on issues like this. Rather than expand government spending, President Trump understood the importance of cutting regulations and rolling back taxes. This resulted in unprecedented economic growth bringing the unemployment rate down to levels not seen in this country in decades.
Now we have an administration going in the exact opposite direction and we are already beginning to see the effects of their destructive policies.
While this spending plan is lauded by Democrat socialists, they fail to touch on the absolute economic fact that we are beginning to see an exponential rise in inflation.
Inflation, gas shortages, overpriced housing, people getting thousands monthly for doing nothing. Yep it’s collapse time.
— Kevin Sorbo (@ksorbs) May 17, 2021
The Biden Inflation is a tax hike on the middle class. #TaxDay
— Tim Scott (@SenatorTimScott) May 17, 2021
Inflation is taxation without legislation.
— Nick Adams (@NickAdamsinUSA) May 17, 2021
April 2021 CPI/Inflation report published @ https://t.co/e8mqkDBo19
YEAR on YEAR:
Headline Inflation at 18.12% in April 2021 from 18.17% in March 2021
Food inflation at 22.72% in Apr 2021 from 22.95% in Mar 2021
Core Inflation at 12.74% in Apr 2021 from 12.67% in Mar 2021 pic.twitter.com/GJEbNN6FUy
— Dr Yemi Kale (@sgyemikale) May 17, 2021
Inflation is just stealthy taxation.
— Brad Polumbo 🇺🇸⚽️ 🏳️🌈 (@brad_polumbo) May 17, 2021
If economics were actually taught to the younger generations in the government-run schools we likely wouldn’t be in this situation. As a result, it is up to us to reach out to those who have a limited understanding of economics to help them realize that the plans laid out by the Democrats will only lead to the complete destruction of our republic.