Monday, June 21, 2021

Fwd: $4.9 Trillion

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From: Larry 

Buried in President Joe Biden's 2022 budget is a document called Historical Tables, which breaks down annual federal revenues and spending in a variety of ways. One of the tables in this document tracks what the government calls "direct payments to individuals."

These payments, mind you, don't count salaries paid to federal employees or the cost of buying equipment. It's just what the name states – direct money transfers. As the budget document explains:

Under Biden, direct payments hit a huge new record high. Think about it this way. At $4.9 trillion, "direct payments to individuals" this year are equal to the entire federal budget of just two years ago. These money transfers will account for 22.3% of the nation's entire GDP.

If this income transfer were a country, it would be bigger than Germany's entire economy and slightly smaller than Japan's.

Worse, the government will have to borrow $1.3 trillion of the money it's transferring. That's like robbing Peter's children and grandchildren to pay Paul.

Nor do these numbers account for Biden's bloated "American Jobs Plan" and "American Families Plan," which would vastly expand the already massive wealth transfer state.

Much of this year's explosion in direct payments came from the COVID-19 relief bills, with Biden's bloated $1.9 trillion "rescue" plan adding to the pile.

Biden Breaks The Record On Wealth Transfers: $4.9 Trillion – Issues & Insights (

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