Biden's $1.9 Trillion 'Rescue Plan' Could 'Destroy 4 Million Jobs,' Top Expert Warns
Former vice president’s proposals to drive America 'further along the track to bankruptc
Former Vice President Joe Biden's massive $1.9 trillion COVID-19 "rescue plan" will likely "destroy four million jobs" and "speed America further along the track to bankruptcy, higher interest rates, higher inflation, and much higher taxes," a leading expert has warned.
Biden announced his "American Rescue Plan" during a primetime address Thursday night from the Queen theatre in Wilmington.
The former vice president has asked Congress to green-light another $1.9T in spending to "rescue the country" from the coronavirus crisis.
"I look forward to working with members of Congress in both parties to move quickly to get the American rescue plan to the American people," Biden said in a speech.
However, what Biden has presented isn’t a COVID-19 relief bill, according to top economist Stephen Moore.
"It is a Sen. Bernie Sanders-type wish list of everything conceivable that the left has wanted to spend money on for years, and even decades," Moore explains.
"It certainly isn’t a 'stimulus' bill," Moore wrote in a Friday op-ed.
"All that Biden’s proposal does is stimulate Washington and many of the governments in blue states in America, which have lockdown governors who have bankrupted their own states.
"Casey Mulligan of the University of Chicago and I estimate that at least 4 million jobs would be destroyed by the Biden bill because all of the free money makes work less essential and — in many cases — less financially attractive than getting off the couch and working," he warns.
"That’s some stimulus."
Biden unveiled the broad strokes of a rescue plan that includes items that will likely have some bipartisan support - like an additional $1,400 for Americans - boosting the total to the $2,000 per adult President Donald Trump demanded in December.
"$600 is simply not enough if you still have to choose between paying rent and putting food on the table," Biden observed.
But it also outlines loftier goals, like implementing a national $15 per hour minimum wage, a campaign promise the Democrat made.
"People tell me that's going to be hard to pass. Florida just passed it," Biden argued.
"The rest of the country is ready to move as well," he said.
Overall, $400 billion of the $1.9 trillion is specifically geared toward combating the virus, including $160 billion to go toward a national vaccination program.
"The vaccine rollout in the United States has been a dismal failure thus far," the Democrat noted.
"We need about $400 billion in funding from Congress - it's a great deal - but I'm convinced we are ready get this done," Biden said, specifically talking about the amount he wants to spend on COVID-19, which is just one part of the nearly $2 trillion plan.
In addition to sending stimulus checks to millions of American households, the Biden plan includes $350 billion for a blue state bailout, paid parental leave, a $15-an-hour minimum wage, $400 a week bonus unemployment checks, transit aid, paid leave of $1,400 a week, some $100 billion for school aid, "health equity" grants, student debt relief and checks for illegal immigrants.
On top of all the proposed spending, Biden wants another trillion-dollar infrastructure bill to follow.
"Biden’s proposals will lift the national debt to above $30 trillion and will likely speed America further along the track to bankruptcy, higher interest rates, higher inflation, and much higher taxes," Moore concludes.