$312 Billion Taxpayer’s Money Spent On Policies Unrelated To COVID-19
On Monday, the Committee for a Balanced Federal Budget’s latest report reported that the COVID-19 bill by the Democrats includes at least $312 billion in measures that have little or nothing to do with the virus.
“The Committee’s analysis notes that the bill “is much broader than the needs of the economy, that much of its expenditure is poorly targeted, that it contains a range of steps unrelated to the COVID pandemic and economic crisis, and that by the end of August it would suddenly cut off assistance to unemployed workers.
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Committee:’ At least 312 billion dollars in initiatives that have nothing to do with the current crisis’
The statement also read that “at least $312 billion of policies that have little to do with the present crisis” was included in the Democratic legislation.
“Among the unrelated provisions are a pension bailout; expansions of the Child Tax Credit (CTC), the Earned Income Tax Credit (EITC), and the Child Care Tax Credit; an increase in the minimum wage to $15 an hour; and expansions of the Affordable Care Act (ACA),” the non-profit and non-partisan Committee stated.
Since these measures are unrelated to the current pandemic, the organization has agreed that they “should be subject to [PAYGO] standard pay-as-you-go rules, meaning that each policy should either be fully offset by new revenue or spending cuts to cover its costs.”
House Democrats established a rule that removed PAYGO limits on spending on COVID-19 and climate-related spending as well.
Committee for a Responsible Federal Budget, @BudgetHawks, taking aim at the Biden relief bill, slams it for "losing focus" with proposed expansions to child and earning income tax credits, as well as minimum wage hike and ACA subsidies
— Jeff Stein (@JStein_WaPo) February 17, 2021
Without cutting other sections of the budget, this makes it possible to spend at will.
“Expand Child Tax Credit from $2,000 to $3,000 ($3,600 for children under the age of 6) and make it fully refundable for one year” are some of the expenses in the coronavirus bill.
Complete cost: 110 billion dollars.
Expand the Earned Income Tax Credit to cover those aged 19-24 and over 65 for one year, tripling the credit to childless adults. Enable beneficiaries to have more investment income permanently and extend the EITC in the territories’
Cost total: $23 billion.
“Expand Child Care and Dependent Care Tax Credit for one year to $4,000 ($8,000 for 2 or more kids).”
Complete cost: 8 billion dollars.
“Provide grants for multi-employer pension schemes and amend the rules on single employer pension financing.”
Complete cost: 58 billion dollars.
“Raise the minimum federal wage to $15/hour by 2025.”
Overall cost: 44 billion dollars.
“Expand subsidies from the Affordable Care Act by reducing the maximum cost of insurance plans.”
Cost total: $34 billion.
“Increase the base Medicaid match under the Affordable Care Act to states that are recently expanding Medicaid.”
Complete cost: 16 billion dollars.
“Allow states to extend Medicaid coverage for inmates close to release and for 5 years for pregnant and postpartum women.”
Complete cost: 9 billion dollars.
A good start for the President: pretty specific criticism of the package from the Committee for a Responsible Federal Budget -> https://t.co/b18155c70d https://t.co/wVZvxjn7qk
— Joe Gierut (@Joe_Gierut) February 19, 2021
Again, what does all of this have anything to do with helping the coronavirus pandemic impact Americans? It’s all Democrats with government goodies loading up a COVID-19 relief bill.
The Democrats’ bill, according to the Committee, “would spend too much and would poorly target most of its expenditure relative to actual needs.”