Thread by @SteveHiltonx

devastating, forensic analysis of Biden's $1.9 trillion Bailout Bill from @MittRomney

key points in this thread please share:

More than a third - $700 billion - wouldn’t be spent until 2022 or later, undermining the administration’s claim [of] urgent pandemic-related needs 1/7

$350 billion for states and localities. In New York you might think that sounds right...But Florida hasn’t even had to dip into its rainy-day fund. California has a multibillion-dollar surplus. Utah’s revenues rose by double digits...21 states had revenue increases in 2020 2/7

Most local tax revenue comes from property taxes which are far less volatile than sales or income taxes. Sending out hundreds of billions of dollars to states and localities regardless of need...creates incentives for the mismanagement that got some states into fiscal trouble 3/7

the Biden stimulus calls for checks of $400 a week in addition to state checks through September. At that level, the majority of the unemployed would make more by not working. Employers already complain that they can’t find employees. 4/7

The Biden stimulus calls for $170 billion for education yet has no realistic plan to reopen K-12 schools. Further, of the $80 billion Congress has already authorized for education, $68 billion hasn’t yet been used by schools and universities. 5/7

Stunningly, the CBO says only 4% of the K-12 spending in the Biden bill would occur in 2021 and that some education and labor funds would remain unspent in 2029, after a potential Biden second term. 6/7

Republicans proposed a $618 billion compromise that matched Biden’s proposed health and vaccine funding, extended unemployment benefits, provided economic relief, and included nutrition funding, small-business assistance, and resources to get children safely back to school. 7/7