It now seems that the Democrat Congress is bound and determined to appropriate $1.9 trillion for the latest Covet Relief package without bipartisan support. Before we spend that kind of money, shouldn’t we think about perhaps spending less? All of this money is going to be more debt.
Here are some numbers to put the $1.9 trillion into perspective.
In 2019, the Federal Government’s total tax receipts were $3.46 trillion. $1.9 trillion is almost 55% of that total. Also, in 2019, $1.6 trillion was collected from 143.3 million individual tax payers. The current Covet relief bill is almost 119% of that total. In other words, individual tax payers would have to shell out almost 20% more just to pay for this bill. In addition to that, there are the other two Covet relief bills plus the normal operating expenses for the government which were about $4 trillion a year before the pandemic.
How many of you think that these numbers are sustainable? Would it not be prudent to think about scaling this back?