ALLENTOWN – U.S. Senator Pat Toomey is not on board with the just released economic plan from President-Elect Joe Biden. In a statement Friday, Senator Toomey says blasting out another $2 trillion in borrowed or printed money would be a ‘colossal waste’ and economically harmful.
Toomey says Congress has already spent $3.4 trillion on direct COVID-19 relief aid in less than a year and nearly doubled the entire federal budget. He says to add more money when ink on December’s $1 trillion bill is barely dry and much of the money is not yet spent is a bad idea.
Toomey says the best thing the federal government and states can do for economic growth is to quickly vaccinate as many Americans as possible and fully reopen this economy.
Full statement:
“In less than one year, Congress has spent $3.4 trillion on direct COVID relief aid and nearly doubled the entire federal budget. Blasting out another $2 trillion in borrowed or printed money – when the ink on December’s $1 trillion aid bill is barely dry and much of the money is not yet spent – would be a colossal waste and economically harmful. In particular, sending another $1,400 to children, the deceased, and tens of millions of workers who haven’t missed a paycheck, like federal and state employees, is senseless and will likely slow down a recovery in employment. It was a bad idea two weeks ago and it’s a bad idea now.
“During last year’s third quarter, the economy grew by 33%, and the unemployment rate has fallen by about half since April. If the federal government mandates a universal $15 minimum wage, many low income Americans will lose their current jobs and find fewer job opportunities in the future. The best thing that the federal government and states can do for economic growth right now is to quickly vaccinate as many Americans as possible and fully reopen this economy.”
