This story was originally published here.
Back in March, the U.S. Congress printed up $2.2 trillion and gave it out to the voters. Single Americans got $1,200, married couples got $2,400, and parents would see $500 for each child under age 17.
However, the payments phased out for individuals with adjusted gross incomes of more than $75,000, and those making more than $99,000 would not qualify at all.
The government gave $300 billion in one-time cash payments to individual Americans, $260 billion in increased unemployment benefits, $669 billion to the Paycheck Protection Program (PPP) for small businesses, $500 billion in aid for large corporations, and $339.8 billion to state and local governments.
This was the largest bailout in history and represented 10% of GDP. It should be noted that federal tax revenue before COVID-19 was expected to be $3.8 trillion in 2021. Estimates are that the government will spend an additional $966 billion more than what it takes in that year.
More Government Cheese
Of course, it is an election year, so the politicians want to buy even more voters. There is a second stimulus bill being fought over as I write this.
The Republicans have put out a $1 trillion aid package, while the Democrats want $3 trillion.
Trump has said that both parties want to do a second round of the $1,200 and stated that the amount could be higher…
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