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More Stimulus?
Kerby Anderson
Should Congress approve more stimulus money? Former Senator Phil Gramm says no. When he was in Congress, he served as the chairman of the Senate Banking Committee and previously was a professor of economics. He co-authored an op-ed arguing that more stimulus would crush the recovery.
He acknowledges that we always face a challenge when a major crisis occurs during an election year. There is lots of political posturing and opportunism. But he also believes we need a reality check. The three stimulus packages will increase federal spending by half and quadruple the deficit. Soon it will trigger the largest monetary expansion since the Civil War.
It is worth questioning what has already been done before Congress approves any more spending. The massive involvement of the federal government requires the government to borrow more than ever, “consuming the very oxygen that a powerful recovery will need” from the private sector.
The authors do not mention two issues I have discussed on radio. First, federal money isn’t always going to those who need it most. Americans are getting $1200 checks even if they have not lost their jobs. Major companies that have not shut down are eligible for the Paycheck Protection Program.
Second, Congress approved benefits that may have unintended consequences. Senators, like Ben Sasse, tried to amend the legislation so that it would cap unemployment benefits at 100 percent of people’s salary before they were laid off. The senators along with members of the administration feared the bill would incentivize people to not return to work.
Perhaps the biggest concern is that this crisis is being used to vastly expand government spending and expand the size and scope of government. If the trend continues, we will have an even larger and intrusive government even in the post-pandemic America of the future.
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