Stephen Moore: the US spent ONE-SIXTH of its economy to contain COVID, which hasn’t been contained

1 minute, 3 seconds Read

The great economist Stephen Moore writes that in just 37 years, the federal budget increased from $1 trillion to $7 trillion. “So, in less than four decades, the budget has grown sevenfold. Much faster than inflation. Much faster than the economy.”
“The government is now gobbling up the economy, spending up to 30% of our national output. Add state and local spending, and we are close to 40%.”

“The Wall Street Journal found that we spent tens of billions of dollars on the New York subway system even though ridership is down by two-thirds. We could practically be giving every rider a free limousine service, which would be cheaper for taxpayers.”
“We spent so much money on welfare programs that many families with two unemployed parents collecting all the government payouts could get $100,000 or more from taxpayers and not work a single hour.”

“The $6.8 trillion the government spent in 2021 was $2.4 trillion more than the government spent in 2019 before the pandemic started. The feds have spent close to $4 trillion in two years to contain COVID, which hasn’t been contained.”

Could things with the virus be any worse if the government had spent nothing and there had been no shutdowns? This might be the most epic failure of big government in world history.

[photo: New York Magazine]

Similar Posts