In recent days, the House of Representatives and President Trump have offered starkly different strategies for how to cure our ailing economy. The House’s remedy costs trillions of dollars, on top of trillions already spent. The president’s relief, by contrast, wouldn’t involve a cent in new spending.
On May 15th, the Democrat-controlled House passed the Health and Economic Recovery Omnibus Emergency Solutions Act. This is the third major stimulus passed by the “people’s body” in response to the COVID-19 crisis. The “HEROES” Act contains $3 trillion in new spending, in addition to the $3.6 trillion previously provided by Congress to defibrillate moribund markets. So, that’s one strategy to get the economy going — spend evermore gobs of public money.
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