Letter to the Editor: For the sake of future generations, curb federal spending on COVID
Unlike the manna in the Heavenly Bible, federal COVID-19 relief spending of $ 6 trillion to $ 9 trillion must be repaid, and until they are, if ever, we and the little ones- children of our grandchildren will pay interest and their dollar will be devalued.
It is important to understand that “trillion” is an astronomical number. If you go back a billion seconds, you would go back 32 years and it would be 1989. If you go back a trillion seconds, you would go back 32,000 years and it would be 30,000 BC.
Government stimulus checks were needed for the one-third of Americans who live paycheck to paycheck. Stopping the pandemic would have made them unable to feed, shelter or provide health care to their families. The same goes for thousands of businesses that would not have survived the shutdown.
What concerns me is that only a third to a half of the money spent was really necessary for the beneficiaries, since they included 80 percent of the population, including families earning up to $ 150,000. per year.
In the year since the start of the shutdown, M2 money supply, which includes cash, checking accounts, money market funds and certificates of deposit, increased by $ 5,000 billion to reach a record high of $ 20.4 trillion. Maine predicted a deficit of over $ 1 billion and ended up with a surplus of $ 460 million.
The federal government must start paying its bills because our future depends on it. This includes raising taxes and targeting spending on those who really need it.
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