The Republicans are once again crying “budget” as they are called upon to help the American people with Covid relief. They have blamed all of their inaction on the Democrats and Nancy Pelosi. Tax dollars and the budget are apparently meaningless words for this Congress.
I have to say that I am actually livid – not mad – livid. The Republicans know that the Feds are dumping money into the stock market. They are fully aware that our military budget is beyond any military budget in the world. The congress is aware of where all of our tax dollars are going. The congress is simply not going to help the American people by allowing them to have their own money to get them through the tough times of this pandemic.
Did you know – and lots of people don’t know this: Jerome Powell, Federal Reserve chairman has been pumping money into the stock market in order to “stabilize” it? Take a guess at how much he has dumped into the stock market? Initially the budget was 1.5 trillion dollars. Reuters reported a 3 trillion dollar investment as of July 13, 2020. Lest you not see what trillions mean, it’s 1,000 billions.
This is a direct transfer of taxpayer money to the wealthy owners of the stock market.
This is not “fine and dandy” because the Feds borrowed the money to make these investments: According to Ben Winck quoting Carmen Reinhart writing for Markets Insider 10-16-20:
- Major economies may be well on their way to recovery, but outsized government borrowing runs the risk of fueling a financial crisis, the World Bank’s chief economist, Carmen Reinhart, said Thursday on Bloomberg TV.
- Ben Winck goes on to say:
- The path of governments’ fundraising and bond-buying is not sustainable and could spark debt crises should they continue, the economist said.
- “This did not start as a financial crisis, but it is morphing into a major economic crisis with very serious financial consequences,” she said.
The results are staggering and Americans are suffering.
While Wall Street bailouts are an endless expense, help for human beings is not available. Nowhere is the Republican-way more clear than here: According to the New York Times, 8 million more people have slipped into poverty since May. Add that to those already in poverty, add that to the number of unemployed and we are seeing a disaster of epic proportions. It’s an unseen and unknowable disaster. Those in poverty, rarely speak out and rarely protest. However, there are consequences for all of us.
Is it really necessary to maintain a military budget that *by itself* is more than all other militarized countries combined?
The military industrial complex continues to fuel its own life while dousing the light of others. Why can’t our budget include humanistic endeavors like eradicating poverty and homelessness? How about healthcare for all?
America, what is your future? Will America return to feudalism? Will America always be known as having the biggest and most guns? Is that the America you would choose?
