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Feds Have Spent Almost More Than Combined Wars

Dimon Governments

EDITOR NOTE: To counter the economic fallout of COVID-19 in the US, the federal government had put to use, in a period of just a few months, more money than it had spent in fighting World Wars I and II, the Civil War, and the Revolutionary War combined. That’s close to $10 Trillion! Many conservative leaders warned President Trump that while it might have helped households and businesses, mostly on an individual level, and minimally at that, its cumulative effects to the economy as a whole would be far more devastating. They suggested this solution instead...

(CNSNews.com) – A coalition of conservative leaders sent a letter to President Donald Trump and Senate Majority Leader Mitch McConnell (R-Ky.) warning that the congressional spending in the coronavirus must stop because it’s getting very close to $10 trillion, which is more than the government spent fighting the Revolutionary War, Civil War, and World War I and II combined.

The Save Our Country coalition, which is made up of conservative leaders, called on Trump and Republican congressional leaders to “Stop the Spending.”

The coalition consists of: Stephen Moore, co-founder of the Committee to Unleash Prosperity; Adam Brandon, president of FreedomWorks; Jim DeMint, chairman of Conservative Partnership Institute; Lisa Nelson, CEO of American Legislative Exchange Council; Arthur Laffer, Laffer Associates; Casey Mulligan, University of Chicago; Jenny Beth Martin, Tea Party Patriots; Grover Norquist, Americans for Tax Reform; William Bennett, former Reagan cabinet member; Brent Bozell, founder and president of Media Research Center; Scott Garrett, former member of Congress; Bob McEwan, Center for National Policy; Ed Meese, former Attorney General of the United States; Jim Miller, former Office of Management and Budget; and William Walton, Center for National Policy.

During a press briefing on Tuesday, they released new budget projections showing government spending is headed to 51 percent of GDP for the first time ever. The federal government has already spent trillions in stimulus funds, and the White House and Congress are considering plans to spend at least $1 to 3 trillion more.

“Congress has already spent more than $2 trillion on CoronaVirus relief packages. The irresponsible Pelosi bill that passed the House a week ago would raise that spending total to $5 trillion, which is on top of the $4.71 trillion that Congress already authorized,” the coalition wrote in the letter.

“We are getting very close to an unthinkable $10,000,000,0000,000 (ten trillion) federal budget, which is more money in one single year than the United States government spent, adjusted for inflation ... to fight the Revolutionary War, the Civil War, World War I and World War II – combined,” they wrote.

The coalition noted that for the first time in history, “more than half of all national income would flow through the government,” when you take into account state and local expenditures.

“The inside-the-beltway crowd falsely calls these trillions of dollars a ‘stimulus’ to the economy. But government can only give money to some people, as Nobel-prize winning economist Milton Friedman taught all of us many years ago, by taking money from others,” the coalition wrote.

“Government spending – and policies such as paying millions of workers more money to stay unemployed than to go back to work, and paying states more money to enable them to stay shut down – is inhibiting the fast recovery we want in jobs and incomes, not stimulating it,” they wrote.

The coalition said that “runaway government spending is the new virus” afflicting the U.S. economy. They say that “the best way to supercharge a jobs recovery would be to repeal the payroll tax so that every working American would receive a 7.5% raise in the paycheck immediately, and every small business would see a reduction in their payroll costs of 7.5%”

“This incentivizes hiring and work. The economy desperately needs more of both of these and less debt spending,” they wrote.

Originally posted on CNSNews

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