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Congress is expected to plop this bloated monster on Trump's desk today. He already said he will sign it (I wouldn't, VETO! Yeah, baby!)
At 5,593 pages, it is the longest bill ever?
Members of congress were given 2 hours to read it.
It makes illegal streaming a federal felony?
Looks like 600 bucks per adult and child for households under $150k
Unemployment extension at a lower $ amount.
It is almost a trillion (with a T) dollars in spending of borrowed funds. This is on top of the 2.2 trillion spent previously. Our entire budget for the year is normally only 4.5 trillion, and they have to borrow a big chunk of money in a futile attempt to keep up with increases in social security and Medicare spending. They collected only 3.5 trillion in revenue in 2019. You do the math. The deficit was almost a trillion last year, and that was bigger than the year before. It looks like for 2020 the deficit alone is going to be as much as or more than a normal budget. The debt was already $21 trillion (public debt, $27 trillion including intergovernmental debt) before this bill.
https://www.treasurydirect.gov/govt/reports/pd/pd_debttothepenny.htm
What if your household made $350,000 a year, and you normally borrowed, say, last year, an additional $100,000 a year to keep up with your spending? What if this year you borrowed an additional $450,000, bringing your total debt up to $3,000,000? How long could you keep up without massive household budget spending cuts?
Notice the number ratios are about the same.
$350,000 is plenty of income to pay off 3 million in debt, but a household facing that task would need to cut household spending down to $100k or less and focus the funds on debt repayment. Do you think the government is going to cut its normal 4.5 trillion budget down to 1 trillion so it can allocate 2.5 trillion to debt repayment? LOL! SOCIAL SECURITY SPENDING all by itself was a trillion last year! And growing! Medicare all by itself was 7/10 of a trillion, and combined with all the other "health care" related federal spending was another 1.1 trillion.
"Oh, but the government can do tax increases," you say. Really? How much? Not even possible to raise taxes enough to balance the budget at current spending. IT IS NOT POSSIBLE.
Enjoy your $600 per person check.
At 5,593 pages, it is the longest bill ever?
Members of congress were given 2 hours to read it.
It makes illegal streaming a federal felony?
Looks like 600 bucks per adult and child for households under $150k
Unemployment extension at a lower $ amount.
It is almost a trillion (with a T) dollars in spending of borrowed funds. This is on top of the 2.2 trillion spent previously. Our entire budget for the year is normally only 4.5 trillion, and they have to borrow a big chunk of money in a futile attempt to keep up with increases in social security and Medicare spending. They collected only 3.5 trillion in revenue in 2019. You do the math. The deficit was almost a trillion last year, and that was bigger than the year before. It looks like for 2020 the deficit alone is going to be as much as or more than a normal budget. The debt was already $21 trillion (public debt, $27 trillion including intergovernmental debt) before this bill.
https://www.treasurydirect.gov/govt/reports/pd/pd_debttothepenny.htm
What if your household made $350,000 a year, and you normally borrowed, say, last year, an additional $100,000 a year to keep up with your spending? What if this year you borrowed an additional $450,000, bringing your total debt up to $3,000,000? How long could you keep up without massive household budget spending cuts?
Notice the number ratios are about the same.
$350,000 is plenty of income to pay off 3 million in debt, but a household facing that task would need to cut household spending down to $100k or less and focus the funds on debt repayment. Do you think the government is going to cut its normal 4.5 trillion budget down to 1 trillion so it can allocate 2.5 trillion to debt repayment? LOL! SOCIAL SECURITY SPENDING all by itself was a trillion last year! And growing! Medicare all by itself was 7/10 of a trillion, and combined with all the other "health care" related federal spending was another 1.1 trillion.
"Oh, but the government can do tax increases," you say. Really? How much? Not even possible to raise taxes enough to balance the budget at current spending. IT IS NOT POSSIBLE.
Enjoy your $600 per person check.
