U.S. President Donald J. Trump flooded the country with cash as his CARES Act — “Coronavirus Aid, Relief, and Economic Security Act” — was approved by Congress, authorizing $2.2 trillion in bailout money, the largest payout in American history, but also more than twice what the president had actually recommended ten days ago as political pork was tacked onto the bill.
Where the original bill focused on sending checks to the newly unemployed, small business loans and a corporate package meant for airlines as inbound flights to the U.S. were halted to slow the disease’s spread, what became law included payouts to special interests.
Lots of pork was actually sliced off, including elements of the Green New Deal that would provide solar and wind energy subsidies along with a check to Planned Parenthood, but anomalous payouts to the Kennedy Center and some museums along with the incongruous check to Howard University, were approved in the bill.
As for the working class Americans who lost their jobs because companies shut down to slow the spread of the pandemic, the checks don’t seem so generous.
Where a family of four is expected to receive a $3,000 check, had all the money been distributed to the people — rather than the small business financing arms, the giant companies and the favorite non-profits — the checks would have been close to $15,000.
Where the money is coming from is the US Treasury. Where it came from is actually from the Federal Reserve. Why it was handed over so freely will be the subject of another article, but the short of it is, the president was victorious in his war against the central bank’s control of the economy.
I just signed the CARES Act, the single biggest economic relief package in American History – twice as large as any relief bill ever enacted. At $2.2 Trillion Dollars, this bill will deliver urgently-needed relief for our nation’s families, workers, and businesses. #CARESAct?? https://t.co/0WnTNFZPZD
— Donald J. Trump (@realDonaldTrump) March 27, 2020