Natural Citizen
American Made
- Aug 8, 2016
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Another day in the neighborhood. Similar to the days when the Soviets bankrupted themselves.
Anyway....
The $5 trillion number, adjusted for inflation, would also be more than five times the amount spent on the entire New Deal in the 1930s and just under three times the total cost of the Temporary Asset Relief Program (TARP) and the American Recovery and Reinvestment Act (ARRA) combined -- the two pieces of legislation enacted by the Bush and Obama administrations to pull the U.S. out of the 2008 Great Recession.
The counter-coronavirus spending is being done in a bipartisan manner with overwhelming support as few on either side of the aisle have brought up the potential fiscal impacts of the expenditures, despite the fact conservatives decried TARP and ARRA as wildly irresponsible deficit spending just a decade ago.
Trump has expressed a desire for the government to OK another $2 trillion for coronavirus relief, focused on infrastructure.
That means the federal government's total spending on its coronavirus response could reach $4.9 trillion.
The federal government spent $4.45 trillion in all during 2019. Another $5 trillion would be more than 20 percent of the total national debt, which is just over $24 trillion.
Continued...
Anyway....
The $5 trillion number, adjusted for inflation, would also be more than five times the amount spent on the entire New Deal in the 1930s and just under three times the total cost of the Temporary Asset Relief Program (TARP) and the American Recovery and Reinvestment Act (ARRA) combined -- the two pieces of legislation enacted by the Bush and Obama administrations to pull the U.S. out of the 2008 Great Recession.
The counter-coronavirus spending is being done in a bipartisan manner with overwhelming support as few on either side of the aisle have brought up the potential fiscal impacts of the expenditures, despite the fact conservatives decried TARP and ARRA as wildly irresponsible deficit spending just a decade ago.
Trump has expressed a desire for the government to OK another $2 trillion for coronavirus relief, focused on infrastructure.
That means the federal government's total spending on its coronavirus response could reach $4.9 trillion.
The federal government spent $4.45 trillion in all during 2019. Another $5 trillion would be more than 20 percent of the total national debt, which is just over $24 trillion.
Continued...
Alarm bells sound over historic deficit spending, as coronavirus bills could near $5T
The U.S. government is poised to spend an unprecedented sum of money on its response to the coronavirus crisis, with a potential final price tag of nearly $5 trillion if lawmakers get the full extent of what they're seeking in as many as five separate bills.
www.foxnews.com