Mazzei Minute: 01/19/21
Why do career politicians just throw money at problems without refined, data-driven strategies? You would think after a lifetime of working as both a small business owner and a “citizen politician”, I would know the answer to that question, but I don’t. It’s probably the never-ending quest to get re-elected and hold on to power.
The Biden $1.9 trillion dollar stimulus plan is out. There are some positives. Money for those that haven’t returned to their jobs yet is critical. Funding for additional home eviction mitigation will help thousands avoid losing their homes. $160 Billion for a more robust nationwide vaccine distribution effort will hopefully help the country defeat COVID-19 sooner rather than later.
The negatives however are stark. We’ve already borrowed $3.3 Trillion, and the Biden plan would raise our borrowing to $5.2 Trillion! $1,400 checks for just everyone isn’t really necessary. There are millions, including many of Biden’s wealthy donors, who don’t need the money. It’s far more efficient to direct relief money to those who have actually lost jobs. Increasing enhanced unemployment benefits from $300 per week to $400 per week will likely just keep more Americans on the sidelines instead of returning to work.
The $350 Billion for local and state governments is a travesty. State’s like California, New York, and Illinois, who are wrecking their economies and overall state finances, will be bailed out if Congress approves this part of the plan. Hats off to Representative Kevin Hern , who has already voiced concern and skepticism for core aspects of the Biden plan.