JFC - the details are worse than expected
Biden's Coronavirus Relief Package Has Almost Nothing to Do With the Coronavirus
As a result,
just $6 billion would be spent in the 2021 fiscal year, which runs through September. Another $32 billion would be spent in 2022, and the rest by 2028. Biden is insisting that schools must reopen soon—and also that the only way for them to reopen is to authorize more than $120 billion in spending, most of which wouldn't roll out for years. It doesn't make much sense.
Similarly, Biden's plan calls for $350 billion to backstop state budgets, which were projected to be down as much as 8 percent overall this year. Yet
according to
The Wall Street Journal, total revenues were down just 1.6 percent for the 2020 fiscal year, and 18 states ended the year with above-projection revenue. As
Reason's Christian Britschgi
noted last week, Biden's plan would disburse money to every state—including California, which is
set for a $15 billion surplus. Previous coronavirus relief bills, meanwhile, have already doled out $300 billion to bolster state budgets. The billions in extra funding Biden's plan would deliver to soaring state budgets would, in all likelihood, not be spent this coming year. So much for not having a second to waste.
According to CRFB, just 1 percent of the relief plan's spending would go toward vaccines, and just 5 percent would go toward pandemic-related public health needs. Meanwhile, 15 percent of the spending—about $300 billion—would be spent on long-standing policy priorities that are not directly related to the current crisis.