Business and Economy Government Politics

How Many Trillions of Non-COVID-Related “Stimulus & Relief” Were There?

The Grind:
Certainly, the $1.9 trillion American Rescue Plan Act of 2021, provided some targeted COVID aid:

$473 billion in payments to individuals, $75 billion in cash for vaccines, $26 billion to restaurants, $15 billion to help fund airline payrolls, and another $7.2 billion in Paycheck Protection Program funding for small businesses.

The bill also contained about $1 trillion in non-COVID related spending, pork, and policy changes.

For example, the original bill included a hike in the minimum wage to $15 per hour. Even the non-partisan Congressional Budget Office (CBO) determined that move would cost the U.S. economy 1.4 million jobs.

The Details:
A quick spotlight on agencies and entities receiving “coronavirus recovery” money in the bill includes:

$350 billion to bailout the states and the District of Columbia. The allocation formula uses the unemployment rate in the fourth quarter of 2020. Therefore, states like New York and California- who had strict economic lockdown policies and high unemployment– will get bailout money. States like Florida and South Dakota- who were open for business- will get less…

$86 billion to save nearly 200 pension plans insured by the Pension Benefit Guaranty Corp. There are no reforms mandated while these badly managed pensions are bailed-out. Many of these pension plans are co-managed by unions…

$39.6 billion to higher education. This amount is three times the money- $12.5 billion- that higher ed received from the massive CARES Act last year. Read more…

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