$2,000 Per Person, Plus $2,000 Per Child per month bill
Bill proposed by Kamala Harris and Ed Markey and Tim Ryan
https://www.forbes.com/sites/jimwang/2020/05/08/2…
Not an economist, but let me do the math.
In 2018, GDP was 20.54 trillion. US government revenue was 3.3 trillion dollars (16% of gdp). US govt. spending was 4.1 trillion (20% of gdp). So we already have a deficit of almost one trillion.
Now we’re suggesting this payment. 328m people (including children), x 2000 x 12 months is 7.87 trillion dollars per year. Combine that with the 4.1 trillion the US government already spends and now we’re at 58% of gdp.
That mean for this to be feasible, we would need to tax 58 cents of every dollar earned in the US (simplified… we can get into a public choice discussion later).
Of course, the US can continue quantitative easing on a massive scale. But when talking about these types of number, inflation will surely occur. And we haven’t even started talking about the increase in prices that would immediately happen if everyone suddenly had an extra 2000 per month (basic supply and demand).
I could go down this rabbit hold all day, but the short of it is, $2000 for every person and child is ridiculous.
On a side note: How can you think voting for Biden, will make America better? Our debt is already so bad. We have to pay all this shit off eventually. Our country is so screwed.
Doubt that one gets through, just too expensive. If we didn't have unemployment or anything like that, I could see it being more likely, but it's just way too expensive.
Regarding your point about Biden vs Trump -
Has Trump done anything to fix the debt? The 2017 Tax cuts were terrible and Biden is relatively centrist in comparison to dems proposing UBI. Yes, currently the base is pushing him left, but I'm confident when he enters office he won't push for drastic socialist measures.
If Trump was actually fiscally responsible, I would bite the bullet and vote for him and ignore the blatant racism, sexism and obvious stupidity. However, if the deficit is bound to increase, I'd rather it go to people who actually need it.
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