What else the covid plan would do

Posted 2/25/21

Congress plans to spend $1 trillion on projects other than covid relief.

Here’s what‘s planned:

• $15 an hour minimum wage, which the Congressional Budget Office estimates will cost …

This item is available in full to subscribers.

Subscribe to continue reading. Already a subscriber? Sign in

Get 50% of all subscriptions for a limited time. Subscribe today.

You can cancel anytime.
 

Please log in to continue

Log in

What else the covid plan would do

Posted

Congress plans to spend $1 trillion on projects other than covid relief.

Here’s what‘s planned:

• $15 an hour minimum wage, which the Congressional Budget Office estimates will cost 1.4 million jobs.

• Increase the child tax credit to $3,000 from $2,000 ($99 billion revenue loss) and temporarily expand the Earned Income Tax Credit to childless adul ($25 billion loss).

• End the cap on the rebate drug makers pay Medicaid for outpatient drugs.

• $350 billion for state an local governments even as state revenues have recovered. Democrats changed th formula to give most of the dollars to blue states.

Gov. Andrew Cuomo’s New York state (8.2% unemployment in December) and Gov. Gavin Newsom’s California (9%) will be rewarded for business lockdowns.

• $86 billion to rescue 185 union pension plans. These have enormous liabilties yet the bailout comes with no real reform.

• $129 billion for elementary and secondary public schools even if they don’t reopen their classrooms.

• $40 billion for colleges and universities.

Congress already provides $113 billion for schools and expects 95% of this new money will be spent from 2022 through 2028.

• $35 billion in subsidies to defray ObamaCare premiums. This lowers the maximum amount participants are expected to pay from 10% to 8.5%.

• $15 billion for a 5% increase in the federal Medicaid match to states that expand eligibility to lowerincome adults.

• $39 billion for child care, $30 billion for public transit and $19 billion in rental assistance.

• $10 billion in mortgage help, $4.5 billion for low income home energy aid and $3.5 billion for food stamps.

• $1 billion for Head Start, $1.5 billion for Amtrak and $50 billion for Emergency Management.

• $4 billion to pay off loans of disadvantaged farmers and ranchers.

• Almost $1 billion in world food assistance.

• $1.5 million for Sen. Chuck Schumer’s Seaway International Bridge that connects to Canada.

• $500 million for grants to the arts, humanities, libraries, museums, and Native American language preservation.

Comments

No comments on this item Please log in to comment by clicking here