Tag: covid relief

McCarthy-Biden Debt Deal Eliminates Unspent COVID Funds, Blocks IRS Expansion and Reforms Permitting

Just the News

The debt limit deal struck late Saturday between House Speaker Kevin McCarthy and President Joe Biden rolls back some of Washington’s massive spending while delivering other conservative priorities like blocking new taxes and requiring some welfare recipients to work, according to a summary obtained by Just the News.

McCarthy described the deal as an “agreement in principle,” and it rolls back domestic spending to fiscal year 2022 levels while limiting “top line federal spending to 1% growth for the next 6 years.”

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Commentary: The Fed’s Interest Rate Hikes Have only Destroyed $398 Billion of the $6 Trillion It Printed

Admin

“Our expectation has been we would begin to see inflation come down, largely because of supply side healing.  We haven’t. We have seen some supply side healing but inflation has not really come down.”

That was Federal Reserve Chairman Jerome Powell on Sept. 21, speaking to reporters following the central bank’s meeting where the Federal Funds Rate was once again increased 0.75 percent to its current range of 3 percent to 3.25 percent in a bid to combat sticky 8.3 percent consumer inflation the past year.

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Pennsylvania Senator Toomey Pushes for Accounting of COVID Spending

Bradley Vasoli

While President Joe Biden proposed $22.5 billion in coronavirus-related spending this week, Pennsylvania Senator Pat Toomey (R) urged clarification of how the government has spent almost $6 trillion in earlier COVID relief.

Toomey joined 35 Senate colleagues in writing to Biden asking for a detailed explication of the disbursements made over the last two years which, the authors noted, amounted to the largest allotment of taxpayer money for one concern in American history.

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Commentary: $800 Billion Stimulus Program Failed Terribly and Mostly Benefited the Wealthy, MIT Economist Finds

Pennsylvania Daily Star Staff
Close up of federal check

The federal government has spent an astounding $42,000 per federal taxpayer on so-called “stimulus” efforts since the pandemic began. Where did all that money go? Well, as it turns out, one of the biggest stimulus programs, the Paycheck Protection Program, failed miserably.

At least, that’s the finding of a new study from MIT economist David Autor and nine coauthors. They examined the $800 billion Paycheck Protection Program, which gave “loans,” most of which won’t have to be paid back, to businesses. It was created by Republicans and Democrats in Congress alike in hopes of helping businesses preserve their employees’ jobs for the duration of the COVID-19 crisis. 

The study tracks the money to see where it ended up and what it achieved. The results… aren’t pretty. 

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