'Pound Foolish': Biden's $1.9 Trillion Covid Package Will Cost Americans This Many Jobs

Written By BlabberBuzz | Saturday, 16 January 2021 05:45 AM
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'Pound Foolish': Biden's $1.9 Trillion Covid Package Will Cost Americans This Many Jobs

President-elect Joe Biden's $1.9 trillion coronavirus rescue plan will end in total spending on the pandemic to around $5 trillion, kill approximately 4 million jobs, and "stimulate Washington" and blue state governments, when dropping the payroll tax for a year would have an extremely better and far less expensive impact, economist Stephen Moore warns in an opinion piece.

"We could completely eliminate for an entire year the 7.5% payroll taxes paid by every small business and taken out of every worker's paycheck," Moore, an economist for FreedomWorks, wrote for Fox News. "That would unleash millions of jobs. This would have virtually ZERO administrative and bureaucratic costs. Maybe that's why Washington pols don't want to do it."

The Biden "American Rescue Plan" covers "$350 billion for a blue state bailout, paid parental leave, a $15-an-hour minimum wage, $400 a week bonus unemployment checks, transit aid, paid leave of $1,400 a week, some $100 billion for school aid (for schools that have been shut down for almost a year!), 'health equity' grants, student debt relief and checks for illegal immigrants," writes Moore. "All that is missing is the Green New Deal. Does any of this have anything to do with a health emergency?"

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He further explained that the Biden plan is "almost a replay" of the plan he and President Barack Obama used in 2009 with their $900 billion stimulus bill that "led to hundreds of thousands of fewer jobs than if we had done nothing."

Moore stated that he and economist Casey Mulligan think the Biden plan would kill many jobs because "free money makes work less essential and — in many cases — less financially attractive than getting off the couch and working. That's some stimulus."

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Moreover, Biden wants "another trillion-dollar" infrastructure bill, announced Moore.

"Biden's proposals will lift the national debt to above $30 trillion and will likely speed America further along the track to bankruptcy, higher interest rates, higher inflation, and much higher taxes," Moore added. "Democrats defend themselves by arguing that Trump ran up the deficit to $27 trillion, so they have license to take our debt even higher into the stratosphere."

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Though the incoming U.S. President appears to be clueless, in a primetime speech on Thursday night from his hometown of Wilmington, Delaware, he stated: "A crisis of deep human suffering is in plain sight and there's no time to waste."

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"The very health of our nation is at stake," he added. "We have to act and we have to act now."

The incoming president said: "There will be stumbles, but I will always be honest with you about both the progress we're making and what setbacks we meet."

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