[Just the News] The $1.9 trillion COVID-19 relief bill will bring the U.S. national debt to $30 trillion, Massie said.
Rep. Thomas Massie (R-Ky.) is warning the United States may soon face severe consequences as a result of its astronomical national debt.
Massie explained to the John Solomon Reports podcast that as the U.S. national debt nears $30 trillion with the current $1.9 trillion COVID-19 relief bill, the government's interest rate will rise and creditors may soon stop lending it money.
"I was that guy on March 27 that CNN called 'the most hated man in Washington, D.C.,' because I have the gall to stand up and say if you're going to spend $2 trillion, you need to show up and vote on it. And I had everybody's ire that day, but - and I predicted that this would get out of hand, this would become a regular occurrence, and we'd be spending a trillion or $2 trillion at a clip. You're right, we're at 28 trillion. I've got a debt clock here in my office. And this is the bill that could put us up to $30 trillion, which was a prediction that I made back this summer," Massie said.
"So this bill is gonna push us to $30 trillion. I mean, that's insane. To think about that - seven trillion spending, seven trillion in debt in one year, and typically those numbers are one trillion of deficit and one trillion of spending."
Massie continued, "I mean, let's say we've got $28 trillion in debt, and we've got a 28 trillion-dollar GDP. Here's another - if your interest rate goes to four percent, well, four percent of 28 trillion, that's how much of your GDP is being wasted. And when - and what I tell people is, not just four percent of all labor, but four percent of the robots' labor in this country is wasted, right? Four percent of the 3-D printers, an effort is wasted on the interest on the debt."
The congressman detailed the consequences of such a high national debt. "I feel like we're kind of almost headed where Puerto Rico got to. You know, Puerto Rico - the only thing that stopped them from spending more money was when their creditors quit lending it to them. And that's, you know, typically, if you're in debt or about to go bankrupt, you don't come to that realization until people quit loaning you money," Massie said.
[The Hill] House Democrats passed their sweeping $1.9 trillion coronavirus aid package in a party-line vote early Saturday morning, advancing President Biden’s top legislative priority.
Lawmakers passed the bill 219-212, with two Democrats — Reps. Jared Golden (Maine) and Kurt Schrader (Ore.) — joining all Republicans in voting against it. Democrats could only afford up to four defections with their narrow House majority.
The bill's passage comes days after the COVID-19 death toll in the U.S. surpassed 500,000 people while more contagious virus variants remain a threat to containing the pandemic.
Lawmakers are hoping to build on the momentum from vaccines gradually reaching people to end the global pandemic that’s shaken up American life for most of the past year.
The relief package now heads to the Senate, where Democrats are expected to amend it next week and send it back to the House for approval before unemployment insurance benefits expire on March 14.
#4
Introducing the US to hyperinflation so it can feel even MORE like Venezuela. This it the looting stage before the collapse of the public trust in fiat money. At the end of the second Bush administration the national debt was pegged at somewhere around 11 trillion (roughly 70+% of annual GDP). Today, north of 30 trillion, or roughly twice normal GDP (old measure). That is like having a credit card bill of $140,000 if you are an average American family. Now, at 1% interest, the annual interest charges alone will devour all of the defense budget, and if rates start to return to historic norms, we become the modern Weimar Republic. 12 years and debt tripled. In a grownup world we would have jailed every single member of government and Congress who had a hand in this debacle. They have stolen our children's future.....
The senator is a practitioner of populist jujitsu.
[Washington Examiner] Republican Sen. Josh Hawley is putting his weight behind raising the federal minimum wage to $15 an hour — but with a twist.
Unlike proposals from Democrats that would raise the minimum wage across the board over the next five years, Hawley's proposed legislation would target only those companies with revenues in excess of $1 billion.
"For decades, the wages of everyday, working Americans have remained stagnate while monopoly corporations have consolidated industry after industry, securing record profits for CEOs and investment bankers," the Missouri senator said in a statement. "Mega-corporations can afford to pay their workers $15 an hour, and it’s long past time they do so, but this should not come at the expense of small businesses already struggling to make it."
The biggest corporations in America can afford to pay their workers $15 an hour. Raise the minimum wage for big business, not small business
— Josh Hawley (@HawleyMO) February 23, 2021
The bill would also index the minimum wage to inflation after reaching $15 an hour in 2025.
The proposed legislation would operate in tandem with another bill Hawley intends to introduce — the Blue Collar Bonus. That bill would provide a tax credit to those who make less than the median hourly wage of $16.15 an hour, also indexed to inflation in the future. The credit would be "worth 50 percent of the difference between the median wage and the worker’s hourly wage rate."
#4
Make it even tougher on small business there Joshy. It's tough enough now to hire. Don't count on my vote dumbass.
Posted by: Spoter B ||
02/27/2021 8:25 Comments ||
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#5
Did you read the article? Small businesses make greater than $1 Billion annually?
Posted by: Frank G ||
02/27/2021 8:39 Comments ||
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#6
Frank this will have an effect on small businesses. They have to buy from large businesses. Their costs will increase.
Posted by: Deacon Blues ||
02/27/2021 9:11 Comments ||
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#7
Ask any small business owner or manager. Go to the local liquor store and ask the boss about the minimum wage. Without drastic changes, someone is going to suffer, be it the consumer with higher prices or the laid-off/fired worker.
#8
Comparative advantage folks. Big business already has a comparative advantage due to economics of scale. By raising big business labor costs, small business has a better chance of competing with big business on a level field.
The fly in the ointment is low tariff imports where labor rates are not set by US policy or economics. Luckily most small business is in the service industry where imports don't directly compete.
Y'all are being played for suckers by your old GOP Chamber of Commerce liars and cucks.
If you or anyone, Sens. Hawley or Sanders or whoever, really care about raising low-end wages, then by far the best and most effective policies are those that create tightness in the low-end labor market.
The available research shows again and again that minimum wage levels make next to no difference to overall employment levels or inflation. Other policies and other competitive conditions drive those outcomes.
What does make a difference in this country is illegal immigration. Economist George Borjas of Harvard has done the most work on this subject and his studies demonstrate the effects of illegal immigration in the US to include not only high unemployment for unskilled native-born US workers but also a major hit -- he estimates it at 9% -- to low-end native born workers' incomes.
Sanders and Hawley and their colleagues should support building the wall, deporting the illegals and halting this insane importation of crap wage illiterate workers from abroad.
Stop being tools. Focus on the real problems, which are importing unemployment through our retarded immigration policy and allowing unscrupulous companies to skirt the anti-monopoly laws.
#11
No reason any "progressive" should have a problem with Hawley's proposal. Isn't "those who have more should pay more" the very heart and soul of "progressivism?"
Posted by: M. Murcek ||
02/27/2021 10:59 Comments ||
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#12
Really. That is interesting.
Here's my current plan. Not that I'm that big, mind you.
I will lose half my employees, the ones who help me do the blue collar aspect. I will be back heavy lifting mostly by myself. I'm guessing maybe 5 years off of my life's mobility, if I don't get hurt first. On the white collar side, I will be down to part timers, so that will be me doing that part as well. That means more time at work. Shit, I mean new home. Maybe the kids can come visit sometimes.
That is because every single step in the supply chain in front of me, what shoddy supply train it is since 2 Weeks Y'all!, is going to get guffing zapped by this.
No more high schoolers or hard times projects where I can teach front and back office life skills.
I get outpriced, doors get shuttered, I go fishing for food, good luck finding a buyer in this market. Big Boys go in the red and its all 'Too Big to Fail! Food Desert! Wacka Wacka Wacka!' and poof $Trillion aid package.
$1Billion used to be real money. $Billion Gross, that is a lot of organizations. Those are your regional competitors to, uhem, Mega-Corps. Lose them, and guess where you have to shop. Guess what happens to prices without serious competition.
And the Big Boys, good luck getting a job there. They are going animaniacs with inventory, stocking, and check out.
Tax credit, getttautahere. That means I carry the expense until Fed decides it pays me back. That can be sooner, with payroll, or annual with income. I think I saw somewhere expected 1.5% inflation adjustment per year - that is wildly optimistic, more so if this becomes law and Fed shores up Big Box with $Trillions.
If Bernie's Law, or this Bernie Lite, is a good idea, Big Box would have done so. If the idea is just and moral, there would not need to be a law.
#13
It's a publicity stunt. I don't believe that Hawley believes it will pass but they might call his bluff and it could backfire big time. This is an ill advised move on his part and lowers his credibility considerably.
Posted by: Abu Uluque ||
02/27/2021 11:54 Comments ||
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#14
Bluff, call them on it and propose $50 an hour. Watch them dance.
[Just the News] A judge ruled Friday that Arizona's Maricopa County must provide roughly 2.1 million ballots from the Nov. 3 election to the state Senate and allow the chamber to access to its election equipment to conduct an audit, according to a news reports.
Maricopa County Superior Court Judge Timothy Thomason ruled that subpoenas issued by the state Senate are valid and should be enforced. Thomason also disputed arguments from county officials the Senate subpoenas are unlawful, according to the Epoch Times. The county has argued that previous, multiple audits are sufficient and that the ballots should be sealed.
Posted by: Fred ||
02/27/2021 00:00 ||
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Link ||
[11127 views]
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#1
David French when Trump was President: "If Trump strikes Syria without Congressional approval, his Syria policy will be both imprudent_and_ unconstitutional".
David French today: "Good. Targeting our troops should carry a consequence". Double standard in full view.
Posted by: Deacon Blues ||
02/27/2021 9:18 Comments ||
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#2
^ NeverTrump Cucks gonna Cuck, as Ace says
Posted by: Frank G ||
02/27/2021 9:31 Comments ||
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[GP] CNN’s activist "reporter" Jim Acosta was confronted at CPAC about the network’s lack of coverage about Andrew Cuomo’s scandals.
Cuomo was recently accused of sexual harassment by a former staffer and hid data about deaths of nursing home residents after he ordered them to accept Covid-19-positive patients.
While attempting to conduct interviews to make Trump supporters look bad, Acosta was confronted by a Federalist reporter about when they will start covering Cuomo.
#1
when they will start covering Cuomo
and the Biden Crime Family
and the Russia Hoax
and the FBI/DOJ/CIA conspiracy to frame Trump
and the Kavanaugh gang rape slander/libel
and George Floyd's fentanyl OD/suicide
and Soetoro's order to Comey to "Put your best people on it"
and many others, too many to list
#2
There are cracks in the LIEs campaign of selective silence already. That means it's time for another distraction. As schools begin to re-open you can probably guess what they kind of distraction the media ghouls would most likely to see. Maybe they can time it with Davey Hogg's spring break.
Posted by: M. Murcek ||
02/27/2021 3:42 Comments ||
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A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
[Just the News] The $1.9 trillion COVID-19 relief bill will bring the U.S. national debt to $30 trillion, Massie said.
[The Hill] House Democrats passed their sweeping $1.9 trillion coronavirus aid package in a party-line vote early Saturday morning, advancing President Biden’s top legislative priority.
