Once in while even AOC gets it right (but even a stopped clock is right twice a day). From Simon Black at sovereignman.com:
Since the beginning of March, the US federal government has spent more than $5 trillion battling the Coronavirus and the effects of COVID-19. And governments around the world, from Europe to China, have spent trillions more.
And that amount doesn’t even begin to scratch the surface of the long-term economic toll, including then incalculable cost of shutting down the economy.
Government-imposed lockdowns have wiped out trillions of dollars, pushing businesses to failure and costing millions of jobs.
And this economic toll also affects tax revenue; with the economy notably weaker, government tax revenue is almost nonexistent this year. So they’re spending record sums of money while generating minimal revenue.
Unsurprisingly, debt levels have spiraled out of control.
We’re supposed to cancel everything, avoid friends and family, pepper spray anyone who isn’t wearing a mask, and cower in fear in our homes… all because of a virus that, by one recent estimate in the European Journal of Epidemiology, has a survival rate of 99.9%.
But even still, they’re back at it. More lock downs, more endless spending, more debt.
The United States Congress just passed yet another ‘Covid relief’ bill. Technically it includes general spending provisions for Fiscal Year 2021 (to avoid yet another government shut down).