In light of Sleepy Joe’s new $1.9 trillion package of free stuff, it’s time to get out our magnifying glasses. The purpose is to compute the size of the hole in America’s collective paycheck that purportedly requires such continued, beneficence from our not-so-rich Uncle Sam.
There is no reason in the world why the February (pre-Covid) level of wage and salary disbursements is not an appropriate benchmark for measuring the pocketbook hit from the Covid-lockdowns that have wreaked havoc on the US economy since March. This happened after Dr. Fauci convinced President Donald to pull the plug on MAGA and his own tenure in office, too. (Of course, 80-year-old Dr. Fauci is still there, preparing to bamboozle yet another “elected” president.)
Last February, The Donald was boasting that he had delivered the greatest economy the world had ever seen, and Wall Street agreed, pushing stocks high into the nosebleed section of history.
As it happened, the February run rate (annualized) of wage and salary disbursements was $9.659 trillion, which comes to about $805 billion per month. So we would suggest that if $805 billion in monthly wages was enough to justify celebration of the Greatest Economy Ever, then the shortfall from that benchmark is a solid measure of the hit to US worker earnings that has occurred since February. --->READ MORE HERE
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| Tom Brenner/Reuters |
Joe Biden has signed what may well end up being the biggest accomplishment of his presidency, an enormous $1.9 trillion COVID-relief bill.
With his other priorities likely to molder in the Senate, the spending will probably stand as a signature statement of Biden’s approach to governance — and it should be a damning one.
The legislation is a misnomer; it is neither a COVID nor a relief bill. Only a tiny portion of the spending in the bill goes toward vaccinations and other priories directly related to the pandemic.
Much of the rest of the spending is not well-suited, or even designed, to respond to current economic conditions, which are increasingly favorable.
Democrats are telling themselves that it’s like 1933, when we were in the midst of a depression, whereas it’s more like 1983, when we were coming out of a punishing recession. --->READ MORE HEREFollow links below to related stories and resources:
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USA TODAY: Coronavirus Updates
WSJ: Coronavirus Live Updates
YAHOO NEWS: Coronavirus Live Updates
NEW YORK POST: Coronavirus The Latest
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