As we move closer to spending $ 1.9 trillion on COVID-19 aid, it should be noted that a less generous package presented by the last Democratic president led to a political backlash that gave us Donald Trump . Twelve years ago, last week, CNBC’s Rick Santelli delivered his famous “rant” that inspired the rise of the Tea Party movement.
The source of Santelli’s outrage was a $ 787 billion stimulus package that, at the time, seemed like a huge amount, and the $ 75 billion aid to homeowners with funds from the Troubled Asset Relief Program. (TARP). While many of my conservative Never Trump brethren still view this move as a largely positive phenomenon, I have long argued that there is a straight line between the Tea Party and MAGA. For sane Conservatives, it was the beginning of the end.
Truth be told, the rise of the Tea Party had more to do with hatred of Barack Obama than with practical or constitutional concerns about spending. In that regard, the fact that Joe Biden elicits less hostility from the right rewards to his advantage – and suggests that we may not see a similar backlash soon.
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