LR Podcast Episode #47: Never have so many owed so much.

1940: “Never was so much owed by so many to so few.'” British Prime Minister Winston Churchill

2021: “Never was so much owed by so many because of so few.” Liberty Relearned Purveyor, J.P. Mac

Biden’s Coronavirus Relief Plan Will Probably Cost a Lot More Than $1.9 Trillion

“For example, the plan funds an $86 billion bailout to multiemployer pensions. The plan props up underfunded pension schemes for about 185 unions, many of which had relied too heavily on risky investments rather than worker contributions. The pensions were melting down long before COVID-19 became a threat: As The New York Times dryly notes, the bailout represents an aid package that “has nothing to do with the pandemic.

That’s typical of this bill, which is heavy on handouts to a slew of Democratic constituencies. Teachers unions have been clamoring for an infusion of federal funds, arguing that such funding is essential for reopening classrooms for in-person instruction. 

So the bill includes about $130 billion in primary education funding. But very little of that money—only about $6 billion—will be spent this fiscal year, in part because previous coronavirus spending bills provided more than $100 billion in education money. This isn’t funding that will be used to reopen schools now; it’s a slush fund that will balloon federal education spending for years to come. In the process, it will create a new baseline for federal education funding, one that will likely be hard to scale back.”

Article excerpts, Reason.com, March 11th 2021

This is just the beginning. The Democrats will announce (safe prediction) a “climate crisis”, after or even before the COVID-19 crisis is over in order to justify more spending and greater control of the economy. This will open the door more massive Green New Deal spending and regulation. This huge amount of deficit spending will likely result in inflation rates like those we haven’t seen since the 1970s.

For more on these topics, click here to listen to the podcast.

Thanks!

JP Mac

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