Biden Spent $1.9 Trillion, Taxpayers Paid The Price

Biden’s Failed $1.9 Trillion Stimulus Fueled Inflation, Gave Cash To Convicts, And Put American Workers, Small Businesses, And Families Last

BIDEN AND DEMOCRATS’ $1.9 TRILLION STIMULUS BILL IS A WASTEFUL, FAR-LEFT FAILURE

• One year after Biden and Democrats passed their $1.9 trillion “stimulus” bill, they want to tout it as a success.
  • Every Democrat in Congress but one voted for Biden’s partisan stimulus.
• In reality, Biden’s stimulus has been anything but a success – it stifled the economic recovery and job growth, while fueling historic inflation, falling wages, and a declining standard of living for Americans.
• Despite claiming the bill was important to ending the pandemic, only 9 percent of funding went toward fighting COVID, in total costing every American taxpayer $12,000 for far-left pet projects including a plan to give out free crack pipes.
• The Congressional Budget Office (CBO) – without Biden’s wasteful stimulus – projected “rapid growth recovery” and 6.2 million jobs would be added to the U.S. economy in 2021.
  • Biden officials at the time painted this projection as “dire,” with Biden claiming his “stimulus” was needed to create over seven million jobs in 2020 and spur economic growth.
  • In the end, hundreds of thousands less jobs were created in 2021 than promised and the U.S. trade deficit hit a fresh record at the beginning of 2022.
• 70 percent of Americans believe the economy is getting worse under Biden, the highest since April 2020.

BIDEN’S WASTEFUL SPENDING DIRECTLY FUELED THE HISTORIC INFLATION AMERICANS NOW FACE

• Under Biden, inflation has soared to a 40-year high while real wages have fallen.
  • Since Biden’s wasted stimulus package was passed, inflation has outpaced wages every single month.
• Even liberal economists admit that Biden’s $1.9 trillion failed stimulus fueled inflation.
  • Former Obama and Clinton economist Larry Summers: The “tremendous wall of money” that the Democrats “released last Spring” has led to inflation.
  • Former Obama economist Jason Furman: Biden's spending is “too big ... don't know any economist” who supported that much.
  • Former Obama economic advisor Steven Rattner: “The original sin” was passing the $1.9 trillion, which has “contributed materially to today’s inflation levels.”
  • Rattner: “This is Biden’s inflation and he needs to own it.”
  • Biden's Treasury Secretary Janet Yellen: Biden's $1.9 trillion stimulus was one of the “factors that are involved in inflation.”
• Even Biden admitted that his wasteful spending package fueled inflation because “people have more money now.”
• Before Biden’s wasteful spending bill was passed, economists were sounding the alarm:
  • Former IMF chief economist Olivier Blanchard warned that the stimulus could “overheat the economy so badly as to be counterproductive.”
  • Former president of the Federal Reserve Bank of New York Bill Dudley cautioned that the combination of post-pandemic demand and federal stimulus would lead to a “nasty” spike in inflation.

BIDEN’S STIMULUS HURT JOB GROWTH

• Experts warned the bill would make “unemployment more financially rewarding than working.”
• Months after Biden’s $1.9 trillion payoff to progressives was signed into law, the results were clear:
  • Small business owners had “real problems” finding workers with labor shortages at the “highest level” they had ever seen.
  • “Extra benefits” supported by Biden and Democrats in the stimulus were to blame for labor shortages affecting employers, with an estimated 37 percent of workers making more money on unemployment than work.
  • Four months after Biden signed the law, a Morning Consult poll showed that “1.8 million out-of-work Americans have turned down jobs” because these payments were too high.
• To end this wasteful spending, Republican governors and state legislatures took steps to stop paying Americans money not to work.
• Month after month, Republican states led the charge in recovering jobs lost since the pandemic.
• One analysis found that by ending this wasteful spending early, Americans in red states got back to work faster.

THE “STIMULUS” BILL WAS CHOCK-FULL OF WASTEFUL SPENDING ON FAR-LEFT POLICIES AND PROJECTS

• From the very beginning, the “stimulus” did little to fight COVID and reopen the economy. Instead:
  • $350 billion went for a blue state bailout, even though states took in more money last year than they did in 2019.
  • $123 billion in extra money for school reopening, even though there are tens of billions from prior bills that remain unspent.
  • $86 billion for a pension bailout.
  • $4 billion for “socially disadvantaged” farmers and ranchers, a program that two federal judges have already ruled against as biased.
  • $970 million for Amtrak’s Northeast Corridor, and $166 million for long distance rail travel.
  • $50 million to the EPA for “environmental justice” and climate change programs.
  • $20 million for “language preservation.”
• Democrats rejected a number of Republican efforts to fix the bill, including tying funding for schools to re-opening, replacing the bill’s blue state bailout, reversing Biden’s decision to kill jobs by approving the Keystone XL Pipeline.
• Washington, D.C. Mayor Muriel Bowser spent $3 million in COVID aid to make the Black Lives Matter Plaza permanent.

BIDEN’S “COVID” CASH FOR CONVICTS AND ILLEGAL IMMIGRANTS

• Biden’s spending bill gave out $783.5 million to convicted criminals, including sexual abusers like Larry Nassar and terrorists like the Boston bomber Dzhokar Tsarnaev.
  • Democrats voted against blocking this money from going to criminals.
• Using stimulus money, Biden and Democrats wanted to hand out free crack pipes to drug addicts.
• The stimulus potentially handed out billions in taxpayer dollars to illegal immigrants, with Democrats rejecting an amendment to block illegal immigrants from receiving relief checks.
  • Democrat-run Johnson County, Iowa is using money from the bill to send another round of $1,400 stimulus checks, including to illegal immigrants and non-citizens.
  • The Biden administration specifically told Johnson County that it can use stimulus money to give out these checks.