Even With the Economy Booming, Another $900 Billion in 'Relief' is Gaining Support in Congress

In the third quarter, GDP grew by an astonishing 33.1 percent on an annualized basis. Projections for the fourth quarter range anywhere from 6 percent on the low end to 11 percent on the high end. If that happens, we would regain everything we had before the first lockdowns.

There is no need to saddle taxpayers with another $900 billion in debt to “stimulate” an economy that is already going gangbusters. There is no need to offer “relief” from the fastest growth we’ve seen in decades.

But you know Congress. It always has to “do something,” even if everything is going fine with no one doing anything. Also, whenever you hear that a “bipartisan” group of legislators is working on a compromise, grab your wallet. They’re coming for your money to pay for whatever it is.

All the economy needs right now is to be left alone, and not subjected to any further lockdowns. With a vaccine potentially only weeks away, we’re in a great position to consolidate the recovery and go into 2021 prepared for the economy to absolutely cook.

Instead, we’re bracing ourselves for another spending blowout:

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A bipartisan group of lawmakers unveiled a $908 billion coronavirus relief proposal on Tuesday as leadership faces growing pressure to cut a deal. The measure, rolled out by more than a dozen members from the House and Senate, comes as cases are climbing across the country and Congress is running out of time to clinch a long-stalled fifth relief bill with lawmakers scheduled to leave for the year as soon as next week.

Sen. Joe Manchin (D-W.Va.) said it would be “inexcusable” for Congress to leave town for the year without providing more coronavirus relief with a slew of assistance programs set to expire within weeks.

“This is a COVID emergency relief framework,” Manchin said. “It’s not the time for political brinkmanship. … This is going to get us through the most difficult times.”

We’re truly living in strange times when close to 10 percent growth is “the most difficult times”. The fundamentals of the economy were strong before politicians destroyed it in the spring. So strong, in fact, that it’s bouncing back very nicely on its own. We were told in October that it would be a disaster if Congress didn’t give us another relief package. Congress didn’t, if only because Nancy Pelosi refused to give Donald Trump a legislative win, and there was no disaster. The recovery continued apace, and some pace it was (and is).

The emergency here is not for the economy. It’s doing just fine. The emergency is for politicians who are afraid this episode will pass without their being able to take credit for lavishing more billions on the voters.

Congress has already blown up the national debt to more than $25 trillion this year, and they seem determined not to let 2020 fade into the darkest corners of history without adding yet another $1 trillion or so to the negative side of the ledger.

This is an insane idea, but it has a real chance of passing. Members of Congress love being able to preen for the cameras as the media reports that they “got the job done” and came to an agreement on how to borrow and spend more of your money. Democrats love to spend because they’re Democrats and that’s what they do. Republicans love to be able to assure everyone that they’re really not tightwads who are unwilling to help you.

Few of them are willing to just sit back and let the private sector do what it’s already doing, which is pick up the pieces without help from politicians.

Thanks, but no thanks. Just stop the lockdowns and let us do the rest. You’ve done enough damage already.