Well, there we are again.
The US House of Representatives just passed a $ 900 billion stimulus package and we are promised that it will give the economy a real “boost”.
Of course, we’ve been told the exact same thing about all of the other “stimulus packages” that have been passed since the start of the pandemic.
More importantly, for many Americans, stimulus payments of $ 600 will soon be sent directly to the American people.
If you are married and have three children, you will get a total of $ 3,000, as each member of your family is counted equally for this round of stimulus payments.
Owen Shroyer is extremely aggravated by the stimulus bill which robs the American people and gives more money to foreign countries than to the American people.
But it’s not just US citizens who will be getting free money. According to Michelle Hackman of the Wall Street Journal, families of illegal immigrants will now also be eligible …
Family members of unauthorized immigrants are now eligible to receive stimulus checks under the $ 900 billion deal struck last night. This eligibility is retroactive, so adults excluded last time could receive up to $ 1,800 now
In addition, there is a huge amount of pork in the spending program that the House has just authorized. The following is from Zero Hedge…
And now, on pork … which includes billion abroad, US Army arms purchases that go beyond their budgets, $ 40 million for the Kennedy Center, and almost $ 200 million so that federal HIV / AIDS workers overseas can purchase cars and auto insurance, among other things.
Not surprisingly, the bill was passed by the House by 359 votes to 53.
I want to congratulate the 53 members of the House who tried to stand up and do the right thing because this bill should never have passed.
It is reported that the bill was 5,593 pages long and that our representatives only had a few hours to read it …
Several members of Congress are taking to social media to complain about the few hours they have to read the 5,593-page spending bill.
Early Monday afternoon, the giant bill was uploaded and House Speaker Nancy Pelosi scheduled a vote for the evening.
It will be weeks before we learn all the insidious things that have crept into this bill, because that is how long it will take ordinary citizens to read it.
As for the members of Congress, I doubt any of them will ever end up reading the whole thing.
Our system of government is so broken, but most of the population doesn’t seem to care.
And most Americans also don’t seem to care that all of that ridiculous spending is literally destroying the bright future our children and grandchildren were meant to have.
You see, the truth is, we don’t have $ 900 billion to spend on a stimulus package.
Instead, the federal government will have to borrow new $ 900 billion that the Federal Reserve is creating from scratch.
Needless to say, injecting another $ 900 billion into the economy is going to be yet another massive shock to the money supply. Even without this new stimulus package, M2 has grown at an exponential rate since the start of the pandemic due to all of the previous stimulus packages approved by Congress and any “quantitative easing” the Federal Reserve has done.
Before 2020 we had “inflation”, but now we have definitely entered a “hyperinflationary” phase.
In the short term, payments of $ 600 will help ease the economic suffering of tens of millions of Americans.
But in the long run, we are following exactly the same path as Venezuela, Zimbabwe and the Weimar Republic.
As I’ve explained to my regular readers on several occasions, just about everyone in Venezuela is a millionaire today, but just about everyone also lives in poverty because their money is almost absolutely worthless.
Unfortunately, most Americans are not interested in discussing the inflationary impact of all of this reckless spending. Instead, social media is teeming with angry comments that those $ 600 stimulus payouts aren’t big enough.
Just look at what some people are saying on Twitter …
Eli Yudin: Members of Congress Paid $ 130,000 to Spend 9 Months Considering If We Deserved $ 600
Robert reich: People are starving and the GOP has the nerve to hand over a one-time check for $ 600 because the Pentagon spends $ 2 billion a day. The cruelty is astounding.
VeBee: You and me: $ 600… No thanks! Sudan: $ 700,000,000… HELL NO!
@ BlessUSA45: The leader of both parties is celebrating by making fun of us because they believe we are delighted to receive our check for 600 dollars from them.
@ marie32318459: “I am very proud of this agreement, because we have come together, BI partisan” it is unacceptable. 9 MONTHS, get paycheck after paycheck with US tax dollars and then come up with that $ 600 “spit-in-the-face” and they actually congratulate each other for that?
#eat the rich
Seemingly legendary: @SpeakerPelosi Americans need monthly financial aid for everyone, # Med4All and a real plan to get people back to work. Not a single check for $ 600. You gave multibillion tax cuts and bailouts, but don’t help the American people. #StimulusChecksOrStrike
This is one of the big problems that arises once you start to embark on the path of socialism.
People always want more.
And in fact, Joe Biden promises a lot more “stimulus” once he enters the White House.
Giving people free money is a quick way to gain votes, but it will also destroy the value of our currency.
If M2 continues to increase at an exponential rate, what do you think it will do to the cost of living in this country?
We all know the answer to that question, and if our paychecks don’t keep pace, that means our standard of living will drop dramatically.
I warned that our financial system was heading for an epic collapse, and now it’s starting to become a reality right before our eyes.
Throughout human history, once the devaluation of currency reaches an exponential phase, things have always ended badly.
And now it’s our turn.
We are on the road to hyperinflation, and our free spending freak politicians are behind the wheel.
#road #hyperinflation #Dateway